Energy bills to soar 13% from July

OFGEM'S price cap is to rise by 13% from July 1, driven by the ongoing conflict in the Middle East, the regulator has said.

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The jump will equate to a rise of £18 a month for the average household using both electricity and gas, with households seeing an increase of 24% on their gas bills and 5% on their electricity bills. The typical household is now facing an annual energy cost of £1,862, up £221 on current levels, with early forecasts that this will rise further still in October.

Ofgem chief executive Tim Jarvis said: "Today's price change reflects continued volatility in global energy markets. This means higher wholesale gas prices, driven by ongoing conflict in the Middle East, is impacting the price we pay for energy.