Around 22 million households will see their energy bills soar from April 1.
The new energy price cap was announced today, revealing a huge bills hike for many families.
Ofgem brought the announcement forward by four days, with it initially set for Monday (February 7).
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Prime Minister Boris Johnson is under major pressure to announce help for people who are struggling with soaring energy bills and a cost of living crisis.
The price cap on standard variable tariffs - which also ends up affecting fixed-rate tariffs down the line - will rise from £1,277 to £1,971 per year.
The soaring costs are expected to push around a quarter of households into fuel poverty, the Resolution Foundation think tank has said.
Average energy bills will rise by £693 a year when the price cap is changed on April 1.
In the same week, National Insurance will rise from 12% to 13.25%, the student loans repayment threshold will freeze, and record inflation is set to hit grocery bills.
The Mirror revealed that overall, families could suffer a £2,000 a year average hit from the cost of living crisis gripping the nation.
British Retail Consortium figures show shop price inflation nearly doubled to 1.5% last month, the highest for almost a decade.
Grocery costs are rising even faster and to make matters worse, the Bank of England is expected hike interest rates tomorrow, with experts predicting it could soar from 0.25% to 0.5%.
Resolution Foundation think tank head Torsten Bell warned the crisis will be “catastrophic for low incomes households as we head into April”.
Shadow Chancellor Rachel Reeves said: “These new figures drive home just how hard the cost of living crisis will hit people. Yet the Chancellor wants to whack up business and working people’s taxes.”
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