Thursday 28th of October 2021

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UK gas price hits record: Families in dire straits, industries going bust

 LONDON:The price of gas surged by 1 pound a unit on Wednesday to reach 400 pence a therm.

The price of gas in the UK hits its highest level to date, sending a shudder down the spine of households and businesses.

 It surged by 1 pound a unit on Wednesday to reach 400 pence a therm or more than $230 per barrel of oil equivalent.

 That is up more than a third in a day and now 600 percent higher than the start of 2021. It leaves more UK energy firms teetering on the brink, prompting calls by industry leaders on the government to help keep businesses and industries running.

 

 The high price of wholesale gas has already collapsed several UK energy firms and halted production across industries.

 A total of nine energy suppliers have collapsed in recent weeks, which has affected nearly 1.73 million customers in September alone.

 Firms going bust have also had a knock on effect to auto-switching services, with Look After My Bills, famous for its popularity on BBC Two's Dragon's Den, "pausing" its operations, and fellow auto-switching company Flipper closing down completely.

 Flipper said in a statement that it had withdrawn from the market and was closing because it could "no longer sustain the great savings" its customers had "come to expect".

 The entity which represents steel, chemical and fertilizer firms, the Energy Intensive Users Group, said surging costs had already resulted in steel production halting "at times of peak demand".

 The trade body said there could be shutdowns in essential industries without help from the government and the energy regulator, Ofgem.

 

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