The price of wholesale gas in Britain has risen by over 500 per cent in less than a year, doubling even since early November, and rising to unprecedented levels over the past three weeks, writes Caitlin Allen. 

Average energy bills could skyrocket by more than 50% to £2,000 a year in 2022, warn UK energy providers, as they demand the government intervenes to alleviate a “national crisis.”

On Tuesday, the front-month wholesale Dutch gas price – the benchmark for European prices – rose by more than 20%, as did the the equivalent British gas contract, which hit a new peak at £4.51 per therm, up from around 51p a year ago.

Gas shortages have left Europeans willing to pay such a premium that US ships carrying liquefied natural gas bound for Asia have actually been turning around mid-voyage in order to benefit from the exorbitant prices they’re now able to charge across Britain and the continent.