Ofgem confirmed the energy price cap will be updated quarterly, rather than every six months, as it warned customers are facing a “very difficult winter”.
The energy regulator said revising the household bill price cap every three months would allow it to “adapt much more quickly” to market volatility.
Ofgem raised the bi-fuel average fare cap by 54 per cent to £1,971 from April, the biggest increase since the cap was introduced in 2019.
Consumers have been warned they will face another big hike of just under £3,500 when the next cap – which comes into effect in October – is announced later this month.
Cornwall Insight analysts have predicted the price cap is set to rise to £3,615 a year from January, which will put further pressure on households as the cost of living crisis deepens .
After details soon…