Experts have shared their concerns about the rise in the standing charge as they fear more energy suppliers could go bust as a result of the current energy crisis.

Under the current rules, the cost of a supplier failure is shared by all customers through the standing charge.

The standing charge has risen from £186 to £273 over the past twelve months.

Tory MP Alexander Stafford, a Member of the Commons Business Committee, said: “I think that is essential to freeze standing charges.

“People shouldn’t have to be paying the costs of these cowboy companies that went under due to playing fast and loose with other people’s accounts.”

An Ofgem spokesperson told ELN: “We recently looked at moving some costs from the standing charge to unit costs but found it would have a significant and disproportionate impact on some of the most vulnerable consumers including the elderly and those living with disabilities with only very small savings of around £1 a month for others.

“Our priority is to protect the interests of consumers and we will continue to keep standing charges under review and consult widely on any future possible changes.”