This morning Ofgem has said it will permit to energy price cap to rise by 54 per cent from 1 April to 1 October.
Experts estimate that the average UK household will henceforth experience a jump from £1,277 to £1,971 per year in energy bills.
Wholesale gas costs have rocketed in recent months – rising by over 500% in under a year.
With much of this rise occurring since the current price cap was set in October, suppliers are losing up to £400-£600 per household because they cannot charge what it currently costs to provide energy to their customers.
As a result, 27 suppliers have exited the market since August, in addition to Bulb entering special administration in December.