Household energy bills are set to reach a three-year high after Ofgem raised its price cap by 4% from October 1st.
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The regulator’s decision was driven by higher wholesale gas prices because of the Iran war.
It means the average household will pay £60 a year more if they’re not on a fixed tariff, though the rise coincides with the government’s cut to VAT on electricity, which will save consumers £45.
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