Russia closes down pipeline indefinitely

High prices are likely to be with us for the foreseeable future.

More UK manufacturers are cutting production or making job cuts as result of ‘out of control’ energy bills

Analysts are expecting gas prices to surge to record highs this week after Russia shut down a key pipeline to Europe.

At the same time, a growing number of UK manufacturers have said they are already cutting production or making job cuts as a direct result of “out of control” energy bills.

Many commentators warned that European prices, which have risen by nearly 400% over the past year owing to lower gas flows from Russia, would go up further when markets open on Monday after Moscow scrapped a Saturday deadline for flows to resume through the Nord Stream 1 pipeline to Germany, saying it had discovered a fault during maintenance.

Read the full article on The Guardian website:

https://www.theguardian.com/business/2022/sep/04/gas-prices-rise-russia-shuts-nord-stream-1-indefinitely?CMP=Share_iOSApp_Other