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U.K. Gas Price Record Lifts Borrowing Costs, Alarms Industry

  • Benchmark gas prices top 300 pence for the first time
  • Industry seeks measures to limit fallout of runaway fuel costs
Shipment Of Liquefied Natural Gas (LNG) Arrives At National Grid Plc's GrainLNG Plant
Photographer: Jason Alden/Bloomberg
Updated on

U.K. natural gas prices surged to a record high in a dramatic move that pushed up the British government’s borrowing costs and prompted industry to warn of shutdowns.

Benchmark gas futures topped 300 pence a therm for the first time, or more than $230 per barrel of oil equivalent, in a fuel supply crunch that’s hit industries from fertilizers to metals and threatens to boost living costs.