The British energy regulator might change the way it caps bills for households as a major spike in gas prices drives suppliers to failure. The Office of Gas and Electricity Markets (Ofgem) has given no details of what adjustments it might make to how the cap is calculated, but will set out its thinking as it launches a consultation next month. Energy bosses have been calling for a rethink of the price cap model amid the gas price crisis. At the moment the regulator caps the energy bills of more than 14 million households at £1,277 ($1,760) per year on average. But a fivefold increase in the price of gas has been so rapid that suppliers are now having to pay more for energy than the cap forces them to sell it for. In an open letter to suppliers on Friday, Ofgem said “the unprecedented rise in energy prices this year …