Ofgem energy price cap rising - how you could beat it and save £300 a year

Millions of households are bracing for another increase in energy bills, just as the weather typically begins to cool - but there are ways to combat this.

Energy regulator Ofgem has announced the level of its latest price cap, which will take effect from 1 October. The rise - 2% - is double what experts had forecasted and pushes the average household's annual gas and electricity bill to £1,755.

Ofgem estimates it will mean an additional £2.93 a month on bills, although this will vary significantly.

But what exactly is the price cap, how might it affect you, and how can you counteract it?,, reports the Mirror .

What is the price cap?

Ofgem introduced the energy price cap in January 2019 to protect households on standard variable or other default energy tariffs from being overcharged.