Ofgem has confirmed the new energy price cap will rise in October for homes in England, Scotland and Wales People have been warned of the increase which is looming (Image: Andrew Aitchison, In Pictures via Getty Images)

Octopus Energy has issued a warning to customers on variable energy tariffs about an upcoming increase in their bills from October. Ofgem, the energy regulator, has confirmed that its energy price cap will rise by 2 per cent. ‌

This is set to occur from October 1 for households across England, Scotland and Wales. This is despite a drop in wholesale prices. This revised price cap implies that the average household paying for gas and electricity via direct debit will witness their annual bills climb from £1,720 to £1,755 - marking a £35 hike from the current ra

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