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Energy bills are forecast to rise by £108 - wiping out almost all of Labour Party Chancellor Rachel Reeves’ promise to slash bills in her Autumn Budget.

British Gas, EDF, EON, Ovo, Octopus face a blow as Ofgem has given the go ahead to an initial £28billion of investment to upgrade UK energy infrastructure.

Ofgem approved more than £17.8bn of spending plans to upgrade gas transmission and distribution networks in the five years from 2026. A further £10.3bn will be used to rewire the nation’s high-voltage electricity network – the biggest expansion of the grid since the 1960s, and the first phase of a planned £80bn upgrade of the power grid.

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The investments, which will be funded through levie

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