Gas prices soar 26% after Russia keeps key pipeline closed

Gas prices have soared on concerns over energy supplies after Russia announced it would not reopen its main gas pipeline to Europe.

The Dutch month ahead wholesale gas price, a benchmark for Europe, was up as much as 26% on Monday, before falling back slightly.

The same gas price contract lost 37% last week.

The Nord Stream 1 pipeline had been due to reopen on Saturday after being shut for three days.

However, on Friday, state energy firm Gazprom said it had found a leak in the pipeline.

Europe has accused Russia of using gas supplies to blackmail Europe amid the Ukraine conflict, which Moscow denies.

Although the UK is not reliant on Nord Stream 1 for its gas, the recent increase in the cost of wholesale gas has been behind the spiralling rise in the energy price cap for consumers.

Tory leadership hopeful Liz Truss has promised to announce a plan to deal with soaring energy costs within a week if she becomes prime minister on Tuesday. Her rival, Rishi Sunak, has said he will…

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