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Wholesale gas price hits highest level in 14 months after Russian supplies stop

www.theguardian.com 02-01-2025 02:19 1 Minutes reading

Transit agreement with Ukraine expires as storage supply levels in Europe fall at fastest rate since 2021

The wholesale price of gas has risen to its highest level in more than a year after Russian supplies stopped flowing to rest of Europe via Ukraine.

Benchmark prices rose on Thursday to the highest level since October 2023, a day after a longstanding transit contract between Russia and Ukraine expired. Russian gas deliveries across Ukraine ended in the early hours of New Year’s Day.

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