Demand was forecast to be about a third higher than seasonal norms as households struggled to keep warm in the cold snap, following heavy snow overnight Peter Byrne/PAUK gas prices hit their highest level in 12 years this morning as the “Beast from the East” blanketed the country in snow and sent demand for heating surging. Gas prices for same-day delivery spiked as high as 190 pence per therm, more than three times the average of 56p per therm seen so far this month. Demand was forecast to be about a third higher than seasonal norms as households struggled to keep warm in the cold snap. Supply disruptions in Norway and unusually cold weather on the continent also pushed up the costs of gas imports, Tom Marzec-Manser, head of the European gas team at Icis, the price-reporting agency, said. He added that Britain was “not going to run out of gas”.

Source: The Times February 28, 2018 12:00 UTC