Gas prices have skyrocketed on energy supply concerns after Russia announced it would not reopen its main gas pipeline to Europe.
The Dutch upfront wholesale price of gas, a benchmark for Europe, rose as much as 26% on Monday before falling back slightly.
The Nord Stream 1 pipeline was due to reopen on Saturday after being closed for three days.
But Russia’s state-owned energy company Gazprom said it found a leak.
Europe has accused Russia of blackmailing European countries with gas supplies because of the Ukraine conflict, which Moscow denies.
Wholesale prices have been very volatile in recent weeks. They fell sharply last week as Germany announced that its gas storage facilities were filling up faster than expected.
Although the UK does not rely on Nord Stream 1 for its gas, the Kremlin’s decision to restrict supplies to Europe has pushed up the overall cost of wholesale gas.
This was the reason for the increase in the electricity bill price cap for consumers in England, Wales and Scotland.
Tory leadership hope Liz Truss has promised to announce a plan to deal with high energy bills when she becomes Prime Minister. Her rival Rishi Sunak has announced further payments to the poorest.
However, UK businesses are not protected by a price cap and last week the UK Chamber of Commerce warned that companies would “close their doors this winter” unless supported with soaring bills.
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Energy expert Bill Farren-Price told BBC Today that the “crunch moment” would come later in the year, when demand for gas is particularly high and will exceed import opportunities.
He added that finding energy bill measures would be a top priority for the new prime minister.
A number of European governments have announced plans to help businesses and consumers cope with rising energy costs. On Sunday, Germany announced a €65 billion (£56.2 billion) package that includes one-off payments to the most vulnerable and tax breaks for energy-intensive companies.
Over the weekend, Sweden and Finland also announced multi-billion dollar packages to support energy companies.
Moscow has denied using energy supplies as an economic weapon against Western countries that support Ukraine.
She has blamed the sanctions for delaying routine maintenance on Nord Stream 1, but this is disputed by the European Union.
Gazprom made the announcement on Friday, shortly after the G7 countries agreed to cap the price of Russian oil in support of Ukraine.
The introduction of a price cap means that countries that subscribe to the directive will only be able to buy Russian oil and petroleum products transported by sea that are sold at or below the price cap.
However, Russia says it will not export to countries participating in the cap.
The Nord Stream 1 pipeline stretches from the Russian coast near St. Petersburg to north-eastern Germany and can transport up to 170 million cubic meters of gas per day.
The owner and operator is Nord Stream AG, of which Gazprom is the majority shareholder.
This is not the first time the pipeline has been closed since the Russian invasion of Ukraine.
In July, Gazprom stopped deliveries for 10 days and justified this with a “maintenance break”. 10 days later it started again, but at a significantly reduced level.
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