Gas prices surge on fears over Russian supply

The latest surge in gas prices comes as the Nord Stream 1 pipeline, the biggest carrier of Russian gas to Germany, closes for routine maintenance. Photograph: Sean Gallup/Getty ImagesWholesale gas prices have surged due to fears of further interruptions in the supply of gas from Russia, rising another 4 per cent on Tuesday and now approaching record levels reached after Russian invaded Ukraine in February.

The rise is due to fears about supply through the Nord Stream 1 pipeline, the biggest carrier of Russian gas to Germany. Russia has already restricted flows through the pipeline, which closed on Monday for annual maintenance, due to take around 10 days. Speculation in Europe that the gas may not be turned back on again has led to fears of shortages and wholesale gas prices spiking further.

Any further restriction in Russian gas supply would reduce the EU’s ability to fill its gas shortage facilities before the key winter period. Already Russia has restricted supplies through the Nord Stream pipeline since mid-June to 40 per cent of capacity, putting pressure on major gas supply companies that were forced to buy on the spot market at inflated prices.

Ireland does not rely on supplies from Russia, but industry and consumers are now exposed again as wholesale prices rise further, which will - if maintained - feed through to higher retail prices and increased costs for business. Gas-fired stations also provide close to half of all electricity produced in Ireland and are the vital backstop to the system, especially in calm periods when little energy is generated by wind.

So Ireland bangs on about implementing the Protocol which causes GB issues. Yet GB plays fair on gas supplies? Ireland needs to be careful?

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