A one-off increase to the energy price cap of up to £17 a year is being considered by Britain’s energy watchdog to help prevent suppliers going bust. Ofgem said it was launching a consultation on options which aimed to help protect the energy market after figures showed energy debt reached a record £2.6 billion.

This was due to soaring wholesale prices and cost-of-living pressures on households, reports WalesOnline. The watchdog said it was considering a one-off rise in the energy price cap that could see households pay up to £17 a year more on average.