Around £32bn (€36.7bn) needs to be spent on “rewiring” Britain’s gas and electricity network in the next 10 years, the energy watchdog said today.

British energy regulator Ofgem said today that there was no evidence that any of the recent gas and electricity price hikes are down to collusion between suppliers.

Consumer groups in the UK today welcomed the first British Gas domestic price cuts in seven years and called on other energy firms to follow suit.

British Gas today said it was cutting its gas and electricity prices from next month.

British households faced the threat of further increases in energy bills today after a regulator warned that gas supplies could be even tighter this winter.