Energy prices in the UK are dependent on the Ofgem market price cap. This was set in 2018. It regulates how much energy suppliers can charge per kwh of energy. Most energy suppliers charge as much as the price cap allows them to.
In 2022, Ofgem raised the energy price cap to £1,971. This means that suppliers are allowed to charge more for the electricity. As a result, most suppliers have now raised the price of their energy in line with the price cap.
In October 2022, the price cap is expected to rise again by around £800.