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UK gas prices surge following pipeline shutdown

The price of wholesale gas surged to a record high on Friday after the unexpected closure of one of three import pipelines, reported the BBC.

A technical fault at the UK-Belgian interconnector, one of the UK’s biggest import pipelines, forced the shutdown.

The price of gas for same-day delivery jumped as much as 50 per cent to 150p a therm.

A statement from Interconnector UK (IUK) said it had diagnosed the problem, which occurred at about 07:00 GMT, as being a failure of the water pump.

On Thursday, the chief executive of energy supplier SSE, Ian Marchant, said the government is underestimating the need to address the UK’s energy requirements.

The situation could be addressed by the government, Mr Marchant said, by the taking of swift action to provide greater clarity on electricity market reforms and bringing forward capacity payments from 2018 to 2014 for existing plant.

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