Guardian Newspaper4 Sep 2022 23:16
Analysts are expecting gas prices to surge to record highs this week after Russia shut down a key pipeline to Europe.
At the same time, a growing number of UK manufacturers have said they are already cutting production or making job cuts as a direct result of “out of control” energy bills.
Many commentators warned that European prices, which have risen by nearly 400% over the past year owing to lower gas flows from Russia, would go up further when markets open on Monday after Moscow scrapped a Saturday deadline for flows to resume through the Nord Stream 1 pipeline to Germany, saying it had discovered a fault during maintenance.