Posted: 01:11, September 5, 2022 | Updated: 01:49, September 5, 2022
UK energy producers are bracing for a huge rise in wholesale prices as governments across Europe rushed to announce a raft of measures to ease pressure on households. It comes amid gloomy predictions that natural gas prices could rise by as much as 50% today following a last-minute decision by Russian energy company Gazprom to block the reopening of a key pipeline to Europe. Nord Stream 1 is the largest natural gas connection from Russia to Europe, delivering around 55 billion cubic meters per year. It comes amid gloomy predictions gas prices could rise as much as 50 percent today after Russian energy company Gazprom’s last-minute decision to block the reopening of a key pipeline to Europe. While the UK only gets 4 percent of its natural gas from Nord Stream 1, other countries such as Germany are much more dependent on the pipeline, meaning its closure is expected to cause prices on international energy markets to rise. The move has raised fears that factories may be forced to adopt four-day working weeks to save energy. Germany has pledged to invest 56 billion pounds (65 billion euros) in a bid to reduce inflation and high energy prices for customers. Finnish Prime Minister Sanna Marin has proposed an 8.6 billion pound (10 billion euro) package of loans and guarantees, while Sweden will provide billions in emergency cash to support energy producers. Italy broke the rankings last night as Matteo Salvini, the leader of the country’s far-right League party, called for an end to sanctions on Russia. No date has yet been set for when Nord Stream 1 will reopen. Germany has pledged to invest 56 billion pounds (65 billion euros) in a bid to reduce inflation and high energy prices for customers
