Supplies of natural gas are tight and there is growing doubt about reserve fuel stocks. Blackouts are possible, and factories may be ordered to cut their gas use to ensure households can stay warm, reports note. Low volumes of gas from Russia have pushed prices higher, while tensions over Ukraine make it unlikely the giant Nord Stream 2 pipeline from Russia to Germany will open anytime soon and bring relief.
Analysts forecast that British consumers, who have been protected by price ceilings, could see their energy bills rise more than 50% when adjustments are announced early next year. European natural gas prices have doubled this month and are roughly 15 times what gas is selling for in the United States. Electrical power prices are also soaring: In Britain, steady power was trading on Tuesday for about 340 pounds (around $450) per megawatt-hour — about three times the average price of electricity over the year.
