The energy price cap could increase by nearly a thousand pounds to £2,800 in October, the Ofgem chief warned MPs this afternoon.
Jonathan Brearley told the Commons Business Committee the price cap which is now at £1,971 would rise by almost £1,000 because of the volatile gas market.
He said: “I’m afraid to say conditions have worsened in the global gas market, with Russia’s invasion of Ukraine.
“Gas prices are higher and highly volatile.
