Industry faces 90% increase in gas prices

Some of Britain’s biggest manufacturers have been warned they face price rises of more than90 per cent when they renew long-term gas supply deals in coming weeks.

Energy supply brokers predicted yesterday that the soaring price of natural gas in wholesale markets would lead to a scramble by thousands of industrial users that have multiyear contracts due for renewal by April.

The warning came as ministers declared that “the days of cheap prices are probably gone forever” but resisted calls that they intervene in the energy market to guarantee supply.

FT