The energy price cap of £1,971 is expected to rise to around £2800 in October

The energy price cap is expected to rise to around £2,800 in October, according to Ofgem's chief executive.The current cap of £1,971 a year, which was a £693 rise from the cap six months earlier, applies until 31 September.Ofgem chief executive Jonathan Brearley said: "I'm afraid to say conditions have worsened in the global gas market, with Russia's invasion of Ukraine."Gas prices are higher and highly volatile."

At times they have now reached over 10 times their normal level."I know this is a very distressing time for customers but I do need to be clear with this committee, with customers, and with the government about the likely price implications for October." Therefore, later today, I'll be writing to the chancellor to give him our latest estimate of the price cap uplift."This is uncertain, we're only part-way through the price cap window, but we're expecting a price cap in October in the region of £2,800."

He added: "Our future scenarios when we look beyond that, we're really managing between two extreme versions of events: one where the price falls back down to where it was before - for example if we did see peace in Ukraine - and one where prices could go even further if we were to see, for example, a disruptive interruption of gas from Russia."Brearley said the rise was 'genuinely a once-in-a-generation event not seen since the oil crisis of the 1970s'.Shadow Chancellor Rachel Reeves tweeted: "This will cause enormous worry for families already facing soaring bills."How many more alarm bells do the Conservatives need before they act?"We need an emergency budget now, with a windfall tax on oil and gas producer profits to lower bills."