Gas prices have hit record highs due to high demand and tensions between Russia and the West.
UK gas increased 20% in a day to 457p per therm. The European benchmark jumped 16% to €171.40.
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Commenting on gas prices, James Waddell, head of European gas at Energy Aspects said: “Europe has very little storage buffer this winter and Europe’s balance is therefore a lot more dependent on imports than in previous years.”
“Additionally, Gazprom has traditionally shipped around 20% of its supply to Europe through Poland, but these flows have been inconsistent this year and driving up uncertainty about how much gas Europe will actually receive from Russia.”
The increase in prices mean that UK household bills may face an increase next year.