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Gas prices in the UK had reached around 400p per therm earlier on Wednesday, about 40 percent more expensive than the day before. At Dutch Title Transfer Facility, prices were at €16 megawatt per hour in early January and €98 per hour by late September.
Of the matter, Kadri Simson, the EU’s energy chief, told the European Parliament: “This price shock cannot be underestimated.
“It is hurting our citizens and in particular the most vulnerable households, weakening competitiveness and adding to inflationary pressure.
“If left unchecked, it risks compromising Europe’s recovery as it takes hold.”
The European Union has set out some suggestions as to how they plan to deal with the rise in gas prices.
The suggestions include providing compensation for vulnerable households across Europe, tax cuts and state aid provided to companies.
European Union ministers had met on Monday in Luxembourg to discuss how they were going to deal with the rise in energy prices.
Both Bruno Le Maire, French minister and Nadia Calvino, Spanish minister have pushed for EU-wide action to be taken by all member states.
However, Finland believed that a careful approach was necessary, as Annika Saarikko, Finland’s finance minister said: “We have to take care of it very carefully.”
Along with Finland’s finance minister, both the Vice-President and the Commissioner of the European Commission, Valdis Dombrovskis and Commissioner Paolo Gentiloni, both supported Ms Saarikko’s view that a steady and careful approach was needed.
In the UK, households have a cap on energy bills, however this has not stopped an increase in prices.
UK households have already saw a rise in £140, with estimations showing that it may continue to rise in the coming months.
As part of the UK dealing with the rise in gas prices, Boris Johnson vowed that they would do “everything we can” to support businesses.
Prime Minister Boris Johnson spoke to broadcasters during a recent visit to New York City.
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Boris Johnson was visiting Joe Biden following Aukus agreement between Australia, the United Kingdom and the United States.
“Mr Johnson said: “I think people should be reassured in the sense that yes there are a lot of short-term problems not just in our country, the UK, but around the world caused by gas supplies and shortages of all kinds.
“This is really a function of the world economy waking up after Covid.
“We’ve got to try and fix it as fast as we can, make sure we have the supplies we want, make sure we don’t allow the companies we rely on to go under.
“We’ll have to do everything we can.
“But this will get better as the market starts to sort itself out, as the world economy gets back on its feet.”
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