British energy firms fear collapse as Europe's gas crisis sees prices surge 250%
Source: CNBC
British energy firms fear collapse as Europe’s gas crisis sees prices surge 250%
PUBLISHED MON, SEP 20 2021 10:32 AM EDT UPDATED MON, SEP 20 2021 5:41 PM ET
Chloe Taylor
@CHLOETAYLOR141
LONDON — Britain’s energy industry could be headed for a significant shake-up, industry insiders have warned, as countries all over Europe grapple with an unprecedented crisis in the power sector.
Wholesale gas prices have spiked across the region, with the U.K. being hit particularly hard.
The front-month gas price at the Dutch TTF hub, a European benchmark for natural gas trading, gained on Monday to trade at 73.150 euros ($85.69) per megawatt-hour, hovering close to the record high seen last week.
Since January, the contract has risen more than 250%.
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Robert Buckley, head of relationship development at Cornwall Insight, told CNBC that the crisis was being caused by a “cocktail of pretty potent things” that were outside of suppliers’ control.
These included strong competition for natural gas deliveries between Europe and Asia, some outages at U.S. production facilities, and a tightening of EU carbon market rules, as well as various other factors.
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Read more: https://www.cnbc.com/2021/09/20/british-energy-firms-fear-collapse-as-european-gas-prices-surge-250percent.html
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...good luck with all that!
