Wholesale gas surges 25% higher

The price of wholesale gas in the UK surged a further 50p per therm to a record 255p a therm today, prompting one industry leader to say that British fuel supplies were facing “the crunch”.

Consumer groups warned the public to expect further increases in their energy bills should the wholesale price continue to rise. The cost of residential gas has already risen sharply with British Gas, the dominate domestic supplier, increasing prices by 22 per cent from March 1. This followed a 14 per cent increase in September 2005 and a 12 per cent hike a year earlier.

timesonline