After Russia keeps a crucial pipeline blocked, gas prices jump by 26%

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Last Updated on September 5, 2022 by Bitfinsider

A benchmark for Europe, the Dutch month-ahead wholesale gas price, increased as much as 30% in early trading on Monday.

The Nord Stream 1 pipeline had been closed for three days and was scheduled to restart on Saturday.

Gazprom, a state-owned energy company in Russia, claimed to have discovered a leak.

Because of the war in Ukraine, Europe has accused Russia of using gas supply as a kind of blackmail. Moscow disputes this accusation.

The past few weeks have seen a lot of volatility in wholesale prices. When Germany revealed that its gas storage facilities were filling up more quickly than anticipated, they plummeted dramatically the previous week.

Despite not being dependent on Nord Stream 1 for its gas, the UK’s cost of wholesale gas has increased as a result of the Kremlin’s decision to limit supply to Europe. On Monday, prices in the UK increased by as much as 35%.

The surge in the price cap on energy bills for households in England, Wales, and Scotland is the result of the total increase.

If Liz Truss is elected prime minister, she intends to present a strategy to address excessive energy costs. She is a candidate for the Tory leadership. The poorest people will be the focus of any additional benefits, according to her challenger Rishi Sunak.

The British Chambers of Commerce warned last week that businesses might “shut their doors this winter” if they were not supported with skyrocketing costs. However, UK businesses are not covered by a price cap.

The “crunch moment,” according to energy analyst Bill Farren-Price, might occur later in the year if gas demand is very strong and will surpass what can be imported.

He further stated that cutting energy costs would be the new prime minister’s main goal.

Several European governments have unveiled proposals to assist consumers and businesses in coping with rising energy bills. Germany launched a €65 billion (£56.2 billion) package on Sunday that includes one-time payments to the most disadvantaged people and tax reductions for businesses that use a lot of energy.

Over the weekend, multibillion-pound support packages for energy businesses were also unveiled by Sweden and Finland.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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