Stay updated with breaking news from Zebra Power. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Fears of runaway household bills in the new year have been mounting since rising gas prices bankrupted more than two dozen suppliers since September, costing the industry £1.8billion.
Good Energy, EDF and trade body Energy UK are calling on the Government to urgently intervene after the cost of gas in wholesale markets rose by more than 500 per cent in less than a year.
Households in Britain could face a 56 per cent rise in their energy bills from April after unprecedented wholesale costs force regulator Ofgem to lift the price cap
The price cap could jump 46% for summer 2022, hitting approximately £1,865 as wholesale power prices remain high.
From January, energy suppliers will need to undergo financial stress testing to prove their resilience in light of the cascade of supplier collapses in recent months.