The upper limit of energy prices in October will reach 2800 pounds, Jonathan Brearerly, head of the British energy regulator Ofgem, told lawmakers.

Mr Brearerly 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.

“At times they have now reached over 10 times their normal level.”

“I know this is a very distressing time for customers but I do need to be clear with this (BEIS) committee, with customers and with the government about the likely price implications for October.”

“Therefore later today, I will be writing to the Chancellor to give him our latest estimates of the price cap uplift.”

Mr Brearerly noted that Ofgem was still uncertain on exact figures as. “we are only partway through the price cap window, but we are expecting a price cap in October in the region of £2800.”