Millions of Britons are bracing for a sharp spike in their energy bills after Ofgem, the UK energy regulator, approved a record-breaking rise to its price cap. Ofgem said the regulatory price cap—which is reviewed every six months—would rise by a historic 54 percent to £1,971 ($2,683) a year starting in April, the same month that taxes are set to go up in the UK. Jonathan Brearley, chief executive of Ofgem, said the energy market had seen a sharp increase in global gas prices, which hit record highs in Europe last year. “The energy market has faced a huge challenge due to the unprecedented increase in global gas prices, a once in a 30-year event, and Ofgem’s role as energy regulator is to ensure that, under the price cap, energy companies can only charge a fair price based on the true cost of supplying electricity and gas,” Brearley said. Some …