Millions of households will see their energy bills rise by nearly £150 later this year as Ofgem confirms the energy price cap rise.

The energy regulator has announced it will raise the price cap by 10pc this October to £1,717 per year for an average household, due to rising prices on the international energy market.

This will add £149 to average annual energy bills, or an extra £12 per month.

While this is an increase on the period from July to September, the new cap will be 6pc (£117) cheaper compared to the same period last year, when the average bill was capped at  £1,834.

Ofgem blamed higher international energy prices, due to geopolitical tensions and extreme weather events, which are driving higher competition for gas. Ofgem said these factors were behind 82pc of the increase.

Jonathan Brearley, CEO of Ofgem, said: “We know that this rise in the price cap is going to be extremely difficult for many households. Anyone who is struggling to pay their bill should make sure they have access to all the benefits they are entitled to, particularly pension credit, and contact their energy company for further help and support.  

It comes just after Chancellor Rachel Reeves announced last month that she would scale back energy support for pensioners.

As part of her bid to plug a £22bn blackhole in the nation’s finances, Ms Reeves said that winter fuel payments, which were previously paid by all pensioners, will now be means-tested and will only go to those also receiving Pension Credit.

Winter fuel payments are currently worth £200, while pensioners over 80 receive £300.Good morning, Ofgem has announced the latest energy price cap rise, which means millions of households will see their bills rise this autumn.

Read the latest updates below.