Energy bills are likely to rise to over £3,200 in October, experts have warned, as the head of Ofgem admitted their previous prediction for the price cap was too low.
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He told MPs sitting on the Public Accounts Committee on Monday: "It's clear given the pricing dynamics we're seeing, given the ongoing impact of the Russian invasion of Ukraine, that there is positive pricing pressure there - as in prices are looking higher than they did when we made that estimate - but we don't give ongoing sort of commentary until we make our formal announcement.
The energy price cap already ballooned by 54% in April, hitting £1,971 as gas prices soared from last summer following Russia's invasion of Ukraine.
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