The forecast from analysts at Cornwall Insight comes ahead of energy regulator Ofgem’s official announcement on Friday 26 August.

The current price cap sits at just over £1,971 for the average household’s annual energy bills following a 54% rise in April – a record.

Cornwall Insight’s updated forecasts now expect energy bills to hit £4,650 in January and £5,341 by April next year.

A separate forecast from research house Auxilione estimates even higher average bills, with its analysts predicting the price cap to hit £6,089 in April 2023.

Cornwall Insight said: “While the predictions for the October cap have remained largely steady over the past two weeks, forecasts for 2023 have risen.

“The calculations reflect a 15% increase in wholesale prices in the last week. The highly volatile nature of the market means these figures are potentially subject to significant change – both up and down – over the next few months.”