Households face £500 jump in energy bills under Ofgem price cap – live updates

Consumers are expected to pay an extra £500 on their household energy bills from April despite expectations that Ofgem will cut the amount suppliers can charge by around £1,000.

The energy regulator is expected to drop its price cap to £3,295, according to forecasts by consultancy Cornwall Insight, from April 1.

However, households will have to pay more as the Government raises its own cap on bills which it launched to help consumers through the energy crisis triggered by the war in Ukraine.

At the moment, the Treasury caps typical annual household bills at £2,500 under its energy price guarantee – despite the present Ofgem price cap sitting at £4,279.

However, from April ministers will raise this cap to £3,000, meaning households have to pay an extra £500 a year on average, with the Treasury paying the difference.

Read the latest updates below.