Modelled estimates about the price cap in winter have risen again amid skyrocketing energy prices and uncertainty in the global markets.

Ofgem will announce the change in the price cap that would come into effect from October in the coming days.

New forecasts from Cornwall Insight have seen the default tariff cap for the first quarter of 2023 rise to £3,363 a year, increasing significantly from £3,003, the last estimate released two weeks ago.

The consultancy notes that predictions for the fourth quarter of this year have also seen a steep increase and now sit at £3,244 a year.

The report suggests the ongoing uncertainty regarding Russian gas flows into Europe and concerns around the halted strike by Norwegian gas workers have fuelled the volatility of the energy market.