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LONDON — Energy bills are set to rise drastically in the U.K. after the country’s energy regulator announced its cap on prices would rise by over 50% in April.
The U.K. has limits on how much suppliers are able to charge consumers for energy, with price caps reviewed by the government every six months.
Ofgem, Britain’s energy sector regulator, said on Thursday that its price cap — under which the average household’s annual energy bill is currently between £1,277 ($1,730) and £1,370 — would be raised by 54%, marking a record-breaking increase.
That means many households could see their energy bills rise by around £700 a year.
An estimated 22 million…