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In his reponse to the prime minister, Labour leader Keir Starmer says the UK is in the middle of a national emergency where people do no know how they are going to heat their homes.

He points out the idea of a price freeze was a Labour idea in the first place and criticises the government for the speed at which they adopted it.

In her speech, Liz Truss announced a review of energy regulation to fix "underlying problems".

"We want a new approach which will address supply and affordability for the long term," she said.

And here's something that will come under major scrutiny from green groups and campaigners.

Truss said her government would "conduct a review to ensure we deliver net zero by 2050 in a way that is pro-business and pro-growth".

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Truss says the UK will deliver a stable environment to give investors' confidence as "we transition to net zero".

She says the government will make sure the UK is a net energy exporter by 2040, through the use of fracking, expanded nuclear and renewable energy generation.

The ban on fracking, a technique for recovering gas and oil from shale rock, will be lifted by the government.

This will allow developers to seek planning permission where there is local support, Truss says.

The prime minister says the UK will deliver a stable environment to give investors confidence as "we transition to net zero".

She adds the government will make sure the UK is a net-energy exporter by 2040, through the use of fracking, expanded nuclear and renewable energy generation.

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Prime minister Liz Truss claims that capping the price of energy will help reduce the rate of inflation by 5%.

The Bank of England expects inflation to peak at 13% - though many economists reckon it could go much higher.

Rising energy bills have driven surging inflation.

It will be interesting to see what the economists have to say about this claim - we'll find out a little later.

Ione Wells
Political Correspondent, BBC News

That’s the heckle coming from the opposition benches.

They argue that this will still mean bills going up this winter, and households paying more than last winter.

But the government say this will prevent the further forecast rises, and that households will still get the already-announced £400 payment this winter.

Lib Dem leader Ed Davey intervenes, asking Liz Truss about if people will be paying £500 more next month than right now.

He adds this is twice that of bills a year ago.

Truss says struggling families will get the help they need.

New chancellor Kwasi Kwarteng will set out the expected costs of the energy package in a fiscal statement later this month, the PM said a little earlier.

There has been concern about the amount of borrowing needed to pay for this plan.

"This is the moment to be bold", Truss says, adding that there are "no cost free options" to the dealing with the global energy crisis.

There will be a cost to this intervention, she says.

Truss explains way the government will "defray" the cost is by ramping up supply.

Truss says she wants to accelerate supplies of all sources of energy, including new North Sea oil and gas contracts for exploration.

There are questions about how quickly the UK could increase its energy supplies through such measures.

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Truss says government will launch a new oil and gas licensing round as early as next week, expected to lead to over 100 new licences.

Truss says action is also being taken to reduce the cost of energy over time.

A new Energy Supply Taskforce will negotiate with suppliers to agree long-term contracts, that reduce the price they charge for energy. They will negotiate with renewable produces to reduce the prices they charge as well.

Truss says the government will speed up the deployment of all clean and renewable technologies.

This will mean that they receive a fair price, further bringing down the cost of the intervention, she says.

You can read more about the plans for energy market reform here.

Truss says the government recognises people are struggling with their energy bills and adds emergency legislation will be brought forward to deliver the policy.

How the plan will be paid for will be laid out by Chancellor Kwasi Kwarteng as part of his fiscal event later in the month, she says.

Ione Wells
Political Correspondent, BBC News

There's a very jittery set of opposition benches here in the House of Commons.

Many opposition MPs are shouting trying to get a word in, and asking the prime minister to give way.

There are some grumbles about the amount of time that has been allocated to debate these energy plans.

We will not be giving into the leader of the opposition, who demands a windfall tax to fund the freeze, says Truss.

She says it would undermine the national interest, by discouraging the very investment we need to secure home grown energy supplies.

Image source, House of Commons

Businesses will see their energy costs capped at the same price per unit - or kilowatt hour (kWh) - that households will pay under the government's new plans.

The scheme will run for six months. Though this will be reviewed in three months' time to see if the help should be more targeted towards certain industries. It could then be extended for vulnerable businesses such as the hospitality sector.

The scheme for businesses is in sharp contrast to the help being offered for domestic customers which will be in place for two years.

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There will be a new six-month scheme for businesses which will provide equivalent support to that being offered to consumers, Truss says.

After that six-month period, ministers plan to offer "focused support" to vulnerable industries.

Truss says the government will also support all business charities, offering an equivalent guarantee for six months.

We will provide support to "vulnerable sectors" she adds, saying the business secretary will work with businesses to review where this should be targeted, to make sure the most in need get supported.

The review will be concluded within three months, giving business certainty.

The plan will save the average household £1,000 a year, Truss says, and comes in addition to the £400 energy bills discount that has previously been announced.

The prime minister says this guarantee will include a suspension of green levies. A typical household will pay no more than £2500 each year for the next two years.

This guarantee supersedes the Ofgem price cap, and has been agreed with energy price retailers.

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The energy price cap will be fixed at £2,500 a year for a typical home, Prime Minister Liz Truss announces, for two years from 1 October.

The government will secure this while fixing the wholesale price of energy.

Truss says the government will be supporting the country through the winter as well as fixing the problems with the supply.

She adds a fund will be set up for people who do not get their energy through traditional means, like those who use oil or are on shared building networks.

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Prime Minister Liz Truss is at the despatch box in the House of Commons now, beginning to lay out the government's plans for energy bills.

Stick with us and we'll bring you all the key announcements, as well as debate and analysis after she's finished.