BFY Group have forecast that the energy price cap could hit £3,850 between January and April next year. This is hundreds of pounds more than prior predictions.

The latest forecast comes amid concerns the Kremlin is likely to keep vital gas flows to Europe at minimal levels.

While the UK gets very little of its gas directly from Russia, the price paid here is determined by what happens across the Continent.

Dr Gemma Berwick, a senior consultant at BFY Group said: "Following further rises in wholesale prices as flows of gas from Russia to Europe via the Nord Stream 1 pipeline drop to 20 percent of capacity, we now forecast the Ofgem price cap to rise to £3,420 in the fourth quarter of 2022 and £3,850 in the first quarter of 2023.

"This will make the average household bill over £500 for January alone."

If the predictions come true it could millions of households across the UK face further financial pressures as they battle with the rising prices.

If the price cap reaches £3,850, it means nearly double the current rate £1,971 - which is already hundreds of pounds more than the previous high.

Cornwall Insight had predicted a £3,364 January price cap just three weeks ago, but circumstances have changed significantly since then.

BFY now believes Ofgem will have to set the earlier October price cap change at £3,420, with another increase expected when the cap is reviewed in January.

Ministers were forced to act in May by announcing a major package of support for households.

But at that point the prediction for October's price cap was just £2,800 - more than £600 lower than the latest forecast.

Households should prepare now for the hike as best they can, Uswitch energy expert Will Owen said.

People can make the most of the warmer summer months to try and drive down their heating and electricity bills.

It is much easier to reduce energy use in the spring and summer when it is warmer and you no longer have to put the heating on," he said.

Households were forking out an average of £335 every month to keep the central heating running overnight last winter, according to research from the Energy Helpline. As people won't need to reach for the thermostat over the summer months, that means they could be saving themselves up to £1,005.

People could save even more by ditching their tumble dryer and hanging their clothes outside on the line.

Using the tumble dryer three times a week will cost someone £154 a year - so people could save around £52 by turning it off during warmer months.

He also advised checking one’s freezer. It's one of the most energy-intensive appliances in someone’s house - and if it's not running properly, it could be driving up the bills.

He said: "Make sure it is not full of ice, as this will stop it from performing as efficiently.”

When frost builds up in one’s freezer, it means the motor has to work harder and needs more energy - this could add £150 to your bill. It’s also important to make sure it's in the right place. Putting it somewhere cool and ventilated will mean it needs less energy to run - saving around £60 a year.