A number of UK suppliers have withdrawn from the gas and electricity supply market, due to a surge in gas prices.

Russia’s Gazprom announced a reduction in additional gas exports, with a 60% reduction in flows through Nord Stream 1 to Germany. This is seen as an extremely aggressive and cynical move by the Russians, using gas as a weapon of diplomacy once again.

An announced increase in the expected duration of the outage at US Freeport LNG terminal also caused large market movements and volatility within the market.

Russian Gas flows to Europe are now down by around 70%, compared to a year ago.