Energy

Hundreds of thousands of households could soon see their gas and electricity bills rise by up to 300% because they aren't protected by the energy watchdog's price cap, according to consultancy firm Ginger Energy, which has called on the regulator to act.

Many people whose old energy firm has gone bust are having direct debit payments taken by both their new and old firm. This shouldn't happen and is leaving many short of cash – so why is this happening and what can you do?

PayPoint has agreed to shake-up its services and donate £12.5 million to energy regulator Ofgem's redress fund, which largely supports vulnerable households, following a four-year investigation into market abuse. 

Ampoweruk, Bluegreen Energy, Omni Energy and Zebra Power, which have over 27,000 household customers between them, have become the latest energy providers to cease trading - 17 domestic suppliers have gone bust since September. If you're affected, your supply will continue and credit balances are protected. While it's likely you'll pay more now, there are no savings to be had by switching.

The energy price cap, which governs the maximum households can be charged per unit of gas and electricity, is to be reviewed as wholesale prices soar. Energy regulator Ofgem has today written an open letter to suppliers saying it will look at the methodology used to determine the price cap over the next few months. 

MoneySavingExpert.com founder Martin Lewis has reaffirmed his message to consumers to sit tight and avoid switching to a new fixed-price energy deal as more gas and electricity providers go bust. On his weekly The Martin Lewis Money Show on ITV he warned people to "do nothing".

Martin Lewis has warned that anyone coming off a cheap, fixed energy deal faces a huge bill shock, with the cheapest tariffs now costing 40% more than they did last year. In a new video, the MoneySavingExpert.com founder explains why energy prices are at an all-time high and what you can do about it.

The cheapest deals cost 40% more than a year ago, and are still rising. Fail to act and you'll face a huge bill SHOCK. This autumn's signature noise will be a deep thud... the sound of jaws hitting the floor, as people finally see the practical evidence of the energy bill catastrophe laid bare.

British Gas has announced it will keep direct debits for 2.3 million customers the same this winter, despite huge price hikes that'll hit next month. It says it will keep an extra £50 in customers' pockets – but most will likely be far better off switching. 

A review into green electricity tariffs is to be launched by the government following concerns energy suppliers could be exaggerating their environmental benefits.