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Energy companies fear a fresh spike as European nations announce a raft of measures

British energy companies are bracing for another big hike in wholesale gas prices of up to 50 PERCENT today after the Russians refuse to reopen the Nord Stream 1 pipeline to Europe

  • Gas prices could rise as much as 50 percent today after a key pipeline shuts down
  • The Nord Stream 1 pipeline is the largest gas connection from Russia to Europe
  • The UK gets just 4 percent of its gas from Nord Stream 1
  • But other countries like Germany are much more dependent on the pipeline

UK energy producers are bracing for a huge spike in wholesale prices as governments across Europe rushed to announce a raft of measures to ease the pressure on households.

It comes amid grim predictions that gas prices could rise as much as 50 percent today after Russia’s state-backed energy company Gazprom made a last-minute decision to block the reopening of a key pipeline to Europe.

Nord Stream 1 is the largest gas connection from Russia to Europe, delivering around 55 billion cubic meters per year.

It comes amid grim forecasts that gas prices could rise by as much as 50 percent today after Russia's state-backed energy company Gazprom made a last-minute decision to block the reopening of a key pipeline to Europe

It comes amid grim predictions that gas prices could rise as much as 50 percent today after Russia’s state-backed energy company Gazprom made a last-minute decision to block the reopening of a key pipeline to Europe

While the UK gets just 4 per cent of its gas from Nord Stream 1, other countries like Germany are much more dependent on the pipeline, meaning its closure is likely to push prices up in international energy markets.

The move has sparked fears factories may be forced to adopt a four-day work week to conserve energy.

Germany has pledged to invest £56 billion (€65 billion) to ease inflation and high energy prices for customers.

Finnish Prime Minister Sanna Marin proposed an £8.6 billion (€10 billion) loan and guarantee package, while Sweden will offer billions of dollars in emergency cash to support energy producers.

Italy broke ranks last night when Matteo Salvini, the leader of the country’s far-right league, called for an end to sanctions against Russia.

No date has yet been set for the reopening of Nord Stream 1.

Germany has pledged to invest £56bn (£65bn) to ease inflation and high energy prices for customers

Germany has pledged to invest £56 billion (€65 billion) to ease inflation and high energy prices for customers

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https://www.dailymail.co.uk/news/article-11179745/Power-firms-fear-new-spike-European-nations-announce-raft-measures.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 Energy companies fear a fresh spike as European nations announce a raft of measures

Emma Colton

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