Government’s plan to cap household energy prices is set to steamroll ahead even as fresh data shows wholesale prices are on the rise and bills remain well below their 2014 peak.

The political pressure furore around energy bills will reach fever pitch this week as ministers press ahead with controversial legislation to cap tariffs despite data which shows that energy bills are lower than they were when the threat of a market intervention first emerged.

The cheapest standard dual-fuel energy deal on the market is just below £940 a year, according to the regulator’s most recent data, well below the £1,100 a year paid in late 2013 when the Labour party vowed to cap rising prices.

Since then a flood of almost 50 new entrants to the market has boosted switching between suppliers to record levels, helping to drive prices lower.