Gas prices hit a five-year high, just a day after three more suppliers go bust

LONDON, OCT 2: Gas prices have hit a five-year high today, a day after the UK’s gas crisis pushed three more suppliers to collapse.

UK contracts for next month rose above 238p per therm, while wider European natural gas and power prices also touched new records.

It comes as Rishi Sunak is set to announce £500m in grants to help the country’s poorest during the current cost of living crisis the UK is facing – which has been inflated by climbing energy prices.

Wholesale prices of gas have risen steadily since February this year, according to data from Ofgem, which has left a number of suppliers battling to keep their heads above water.

Suppliers Igloo, Symbio and ENSTROGA, which ceased trading yesterday, join a list of now 10 firms to go bust in the past two months – leaving nearly 2m households without a supplier.

However, industry regulator Ofgem will find and appoint a new company to supply customers.

Electricity prices have also been increasing, with wholesale prices nearly doubling since March, data from Ofgem found.

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COURTESY cityam

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