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22.12 - 18:47
Gas crisis fuels call for UK to update energy security policy
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Ministers are relying on an outdated energy security policy, leading academics have warned, as escalating tensions between Russia and western leaders propelled the gas market to record price highs.
UK gas reached a record closing price of 322.5 pence per therm on Tuesday, according to data from market price experts at ICIS, vaulting ahead of the previous high of just over 298p/therm set in early October this year.
A record was also set in Europe, as the benchmark market in the Netherlands rose to a record €127.45 per megawatt hour, according to ICIS data, breaking through the €116.75/MWh ceiling set in October.
The price spike was triggered by concerns over deteriorating relations with Russia, one of the largest suppliers of gas into Europe,
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