Newspaper article The Evening Standard (London, England)

Gas Dispute Sends Fuel Market Prices Soaring

Newspaper article The Evening Standard (London, England)

Gas Dispute Sends Fuel Market Prices Soaring

Article excerpt

Byline: ROBERT LEA

HOUSEHOLD gas prices in Britain look certain to soar in the coming months after the Russia-Ukraine dispute raised fuel prices in the London energy market to new records.

The price of gas for delivery a year ahead in Britain rose to 66.3p per therm, a record according to independent energy exchange Spectron.

Gas for delivery next month also increased, up 8p to 87.1p a therm. This takes it close to the highs hit during the pre-Christmas supply scares.

The soaring price of gas on the wholesale market is certain to mean household gas suppliers putting up their rates in the coming months, which analysts say could see some residential users paying more than [pounds sterling]1,000 a year for their gas and electricity.

British Gas, which increased prices in September, has already warned its 16 million customers to prepare for more price rises.

Fears that western European gas supplies could be hit by the Russian confrontation with Ukraine will today see European Union officials offer to step in and resolve the fight. …

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