One of the UK's largest power companies is proposing a £100billion plan to freeze energy bills for two years.
ScottishPower's chief executive Keith Anderson has presented the idea to UK Business Secretary Kwasi Kwarteng.
Mr Anderson told the BBC that the UK Government was "seriously considering" the proposal.
The price cap sets the maximum price that suppliers can charge households for each unit of energy they use. It rose by 54% in April, meaning a household using a typical amount of gas and electricity would pay £1,971 per year. Regulators at Ofgem are due to announce the revised limit on Friday.
Mr Anderson said that "bold" action was needed to bring down bills as he warned the latest Ofgem price hike would be "horrific".
He said: "I think we've got to a stage now where this is a national crisis, it's of the scale of the pandemic and we need national action."
The ScottishPower boss proposed the price cap should be frozen at the current level for at least two years as the price of wholesale gas continues to rise.
Deficit fund
He urged Westminster to set up a deficit fund to cover the difference between what people pay for energy and how much it costs to supply their homes.
Under ScottishPower's plan, the cost could be repaid over the next 15 to 20 years and would be underwritten by the UK Government.
Mr Anderson said he had discussed his proposals with Mr Kwarteng and Chancellor Nadhim Zahawi.
Asked if the business secretary had indicated support for the plans, the ScottishPower chief executive said: "So, yep. We've been through all of the details of this fund with him.
"We've been through all of the details with the current chancellor and other members of the Cabinet as well and I think this is being seriously considered."
He added: "I think it's being looked at as probably one of the best ways of dealing with the issue in the short term, in the short to medium term. But the government will also look at other options."
A UK Government spokesperson said: "We know the pressures people are facing with rising costs, which is why we have continually taken action to help households by phasing in £37billion worth of support.
£400 discount
"In the immediate term, we are giving a £400 discount on energy bills over winter and eight million of the most vulnerable households will see £1,200 extra support, provided in instalments across the year.
"We have provided an extra £82million for the Scottish Government to help vulnerable families at their discretion. This is in addition to the significant income tax and welfare powers they already have."
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