Gas price in the Netherlands rose about 5% on Wednesday, prices rose by more than 10% in Britain.
Meanwhile, the daily European rate rose to 94 euros per megawatt-hour, according to data from Reuters.
While it is a far cry from the peak of around €182.3 in December, Wednesday’s activity still represents a significant price hike from the end of 2021, when prices fell below €70 per megawatt-hour.
In Germany, Wednesday saw German primary energy prices rise the next day by more than 50%, while French equivalent energy prices rose 17% during early trading, according to Reuters.
It comes after record gas prices in Europe rose 30% on Tuesday, amid fears of a cold winter, low gas stocks and Russia reducing supplies to Europe.
Over the course of 2021, wholesale gas prices in Europe rose more than 400%, setting new records.
Europe at the mercy of Russia?
Gas prices in the EU and UK are still at the mercy of the weather, the pace of shipments, and Russia.
In January, the price of gas resumed its rise again with the possibility of cold weather increasing heating demand and very low supplies from Russia, especially through two important pipelines through Poland and Ukraine.
It is difficult to determine whether Russia is keeping supplies low due to delays in approval of the Nord Stream 2 pipeline and the Ukraine border crisis.
But it highlights the failed energy and storage policies in Europe and the UK, which have made the region highly dependent on gas imports, especially given the unreliable level of power generation from renewable sources.
UK natural gas contracts are up nearly 6% on Wednesday, and contracts for April delivery are up over 7%.
Meanwhile, the previous day’s prices rose more than 10% to around £2.25.
The UK is particularly dependent on natural gas as an energy source, with more than 22 million households connected to the country’s gas network.
The UK sets limits on how much suppliers can charge consumers for energy, with the government reviewing price caps every six months. The next review is due in February.
British Prime Minister Boris Johnson said the government was “not ruling out” measures such as tax cuts to keep energy prices stable, although he questioned the effectiveness of such a move.
UK Energy Trade told the BBC in December that it expected the country’s energy bills to rise by up to 50% in the spring. The rising cost of wholesale gas led to the collapse of a number of British energy suppliers last year.
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