Millions of households will see their energy bills rise to an average £1,971 a year after Ofgem announced the brand-new energy price cap.
Energy prices will rise by £693 a year for millions of households as a result after the energy regulator hiked the price cap on bills to £1,971 or 54%.
Moreover, 4.5 million people on prepayment meters will see an even bigger increase of £708 a year - an increase of £1,309 to £2,017.
Ofgem calculates price cap increases based on the costs faced by suppliers.
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The news comes as the UK Government prepares to share a package of measures to counter the cost of fuel bills for lower income households.
Rishi Sunak will announce support to ease the pressure on millions of households facing soaring energy bills later today.
Ofgem will later deliver a background briefing at 2pm, hours before Mr Sunak speaks to the nation at 5pm.
The rises come after gas prices spiked around the world over the past year and the price cap has so far been protecting households from the worst of these rises.
Martin Lewis will interview the Chancellor tonight on ITV1, the MSE founder has confirmed.
