#UK Power firms fear new spike as European nations announce raft of measures #UKnews

#UK Power firms fear new spike as European nations announce raft of measures #UKnews

#UK Power firms fear new spike as European nations announce raft of measures #UKnews

Table of Contents

British vitality firms brace for ANOTHER massive spike in wholesale fuel costs of as much as 50 PER CENT at present after Russians refuse to reopen the Nord Stream 1 pipeline to Europe

  • Gas costs might surge by as a lot as 50 per cent at present after key pipeline closes 
  • The Nord Stream 1 pipeline is the largest fuel hyperlink from Russia to Europe
  • The UK receives solely 4 per cent of its fuel from Nord Stream 1
  • But different nations such as Germany are way more reliant on the pipeline

British vitality producers are bracing for an enormous rise in wholesale costs as governments throughout Europe rushed to announce a raft of measures to alleviate the stress on households.

It comes amid grim predictions fuel costs might surge by as a lot as 50 per cent at present after a last-minute determination by Russia’s state-backed vitality agency Gazprom to dam the reopening of a key pipeline to Europe.

Nord Stream 1 is the largest fuel hyperlink from Russia to Europe, supplying round 55billion cubic metres per 12 months.

It comes amid grim predictions gas prices could surge by as much as 50 per cent today after a last-minute decision by Russia¿s state-backed energy firm Gazprom to block the reopening of a key pipeline to Europe

It comes amid grim predictions fuel costs might surge by as a lot as 50 per cent at present after a last-minute determination by Russia’s state-backed vitality agency Gazprom to dam the reopening of a key pipeline to Europe 

While the UK receives solely 4 per cent of its fuel from Nord Stream 1, different nations such as Germany are way more reliant on the pipeline, which means its closure is anticipated to trigger costs to spike on worldwide vitality markets.

The transfer has raised fears factories may very well be compelled to undertake a four-day working week to preserve vitality.

Germany pledged it will make investments £56billion (€65billion) in a bid to ease inflation and excessive vitality costs for patrons.

Finnish Prime Minister Sanna Marin proposed an £8.6billion (€10billion) mortgage and assure package deal, whereas Sweden will provide billions in emergency money to assist vitality producers.

Italy broke rank final night time as Matteo Salvini, the chief of the nation’s far-Right League social gathering, known as for an finish to sanctions on Russia. 

No date has but been set for when Nord Stream 1 will probably be reopened.

Germany pledged it would invest £56billion (¿65billion) in a bid to ease inflation and high energy prices for customers

Germany pledged it will make investments £56billion (€65billion) in a bid to ease inflation and excessive vitality costs for patrons

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