Powergen has put its gas prices up by 24% and its electricity prices up by 18.4% in a response to recent increases in its wholesale costs.

The power company is the latest in a line of utility companies to up its prices in a response to the rising global costs of oil and gas.

The company claimed the price of gas had increased by 70% over the last year and it blamed this as the reason for upping its own prices.

The company says the increases will add £107 to its average annual gas bill and £56 to its average annual electricity bill.

Nick Horler, Managing Director of Powergen Retail, said: “We know that what matters to our customers is the impact this increase will have on their pockets but we, like all energy suppliers, continue to face unprecedented pressures from wholesale costs.

He added: “We shielded our customers from the impact of these costs for as long as possible, and we continue to ensure that our prices are highly competitive.”