Ofgem to unveil new price for household energy bills tomorrow
Market regulator Ofgem is set to announce the latest adjustment to the price cap tomorrow.
It will reveal the consumer price cap for the six month window between April and October 2022 at 11am.
The announcement was not previously expected until next week.
Analysts forecast a potential 50 per cent rise in the price cap, which is currently set at £1,277 per year for average use.
Ofgem chief executive warned last month the cap will rise to reflect the realities of the wholesale gas market, where prices rose five-fold last year.
Cornwall Insight recently released its latest predictions, gloomily estimating prices could rise to £1,897.
According to The Times, the government is set to announce a £6bn loan scheme to minimise costs for households.
However, there are fears high prices could be baked into the market.
Dozens of suppliers have exited the industry since last September, struggling amid the constrains of the cap and soaring energy prices.