Sumary of Energy bills to soar after fire shuts down France-UK power cable:
- Households and businesses face a tough autumn and winter after a fire at a power facility in Kent sent gas prices soaring to record highs.
- Natural gas rose by as much as 18 per cent to 189p per therm after the blaze at the interconnector, which links the British and French power grids.
- Last night National Grid warned that the disruption is expected to last until March, raising fears over tight supplies in the coming months.
- Heating up: Natural gas prices rose by as much as 18 per cent to 189p per therm after the blaze at the interconnector, which links the British and French power gridsOne expert warned that the country could face blackouts if alternative sources of energy such as coal could not cover the shortfall.
- Yesterday the incident intensified a spike in prices, which have already been surging due to a toxic cocktail of lower supplies from Russia, lack of gas in storage in Europe and spiralling prices for liquefied gas shipped in ocean tankers.
- The 189p per therm is more than double the amount paid two months ago, and a fourfold increase on September 2020. The price crunch is likely to pile pressure on families and companies during a crucial period of the post-Covid recovery.
- Bills for domestic customers not on fixed tariffs could jump, though those on standard tariffs may not see a rise until the price cap is reviewed next spring.
- But energy-heavy businesses such as manufacturers are feeling the heat, warning that companies are being forced to temporarily suspend production and could need to ration power.