Wholesale gas prices surge after Russia decides to keep Nord Stream pipeline off


Concerns over supply in Europe for the upcoming winter have grown as a result of Russia's decision not to restore gas flows through the main Nord Stream 1 pipeline to Germany.

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This decision has caused a spike in wholesale prices.

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Due solely to its strong lineup of energy-related companies, the FTSE 100 in London began 0.7% lower.

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In normal times, Nord Stream 1 carries a third of Europe's supply from Russia.

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Berlin revealed on Sunday a €65bn (£56bn) package to help households and businesses navigate the price challenge.

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The proposals, which represent Germany's third round of crisis-related policies to date, include tax reductions for businesses and handouts for the lowest-paid people.

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The UK is under mounting pressure to follow suit to better shield consumers and companies from the worst effects of the cost of living squeeze.

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