European gas prices are now about 10 times higher than their average level over the past decade.
In February 2021 UK gas was trading at 38p per therm . This month it reached 537p per therm. What's driving those high prices?Energy prices around the world rose sharply as Covid lockdowns were lifted and economies returned to normal.
Germany, for instance, imported 55% of its gas from Russia prior to the invasion of Ukraine. That has now fallen to 35% and it has a long-term plan to end Russian imports. Many have been forced to rely on the international market for liquefied natural gas which can be transported around the world in ships, as opposed to being delivered through pipelines.
Once imported gas arrives at its destination, it is sold to some energy providers at a spot price . Some is bought at a future price agreed in advance based on what they expect it to be in the months ahead. Speculation and fear of imminent disruption can also drive up the price of gas on international markets. This can in turn inflate gas bills for households and businesses.
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