The Latest Breaking News from Ofgem

Ministers are putting huge faith in wholesale prices falling and then stabilising; the background fear is another surge

The chancellor has announced a package of measures after Ofgem raised the price cap by 54%

The day that millions of households have been dreading has arrived, Ofgem has confirmed there will be a £693 rise to the energy price cap, taking the new threshold to £1,971, meaning an increase of 54 per cent.

As Ofgem raises the energy price cap, we'll answer who'll be affected

Today was, in the words of Resolution Foundation’s Torsten Bell, “Cost of living crunch day.” We had Ofgem’s announcement of the energy price cap rise. Expect to come across phrases such as ‘unprecedented’, ‘eye-watering’ and parents across the land beseeching their children to close the front door.

He can't see how many will be able to afford the price hike

Suppliers’ costs are soaring, which means the price consumers pay for gas and electricity will rise, too

The rate was originally introduced to protect those on the highest tariffs paying over the odds but it's become what most families pay

ITV's Money Saving Expert has warned over 22 million households will be affected

The financial guru will be interviewing Chancellor Rishi Sunak over the cost of living crisis on his TV show on Thursday.

Huge rise in wholesale prices leads regulator to hike energy price cap by 54 per cent to a record £1,971 for a typical home