ENERGY bills are set to rise by up to £96 a year for millions of households after Ofgem hikes the price cap.
The regulator has upped the maximum price suppliers can charge for electricity and gas from £1,042 a year to £1,138.
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The cap affects around 11million households on standard variable tariffs and prepayment meters.
The new prices will come into affect on April 1 2021.
It comes just days after the watchdog agreed to allow providers to charge households an extra £23.69 a year to help cover coronavirus related debts.
The Adjustment Allowance, which was introduced in 2020 as a one-off coronavirus measure so suppliers could support households through the pandemic.
It increased the cap by £15 a year but the watchdog decided to hike the allowance again, adding even more onto bills.
The idea is to help suppliers claw back some of the cash they have lost through coronavirus measures agreed with the government.
These include not cutting off households who are unable to pay their bills or providing emergency credit to those on payment meters.
More to follow…
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