Energy bills will rise again

We're talking energy again, as Ofgem announce that they will be increasing the amount that gas and electricity suppliers can charge households. So what could this mean for you? Here's what we know on this story so far.

From January to March, the price cap on energy is set to rise by five percent. What this means for your average household is a rise in annual energy bills from one thousand eight hundred and thirty four pounds, to one thousand nine hundred and twenty eight pounds.

Ofgem said about the decision that it is a result of the wholesale cost of gas and electricity rising, which needs to be reflected in the price that we all pay. A previous rise in the cap earlier this year was triggered by a rise in global gas market prices after the start of the Israel-Hamas war. Ofgem has said that they have made clear to suppliers that they expect them to identify and offer help to those who are struggling with bills.

Labour's Shadow energy security secretary, Ed Miliband, says that this instance of energy bills rising again will take them to an unaffordable level for millions of families.