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Gas Prices peak at £1.20 per therm for delivery Tuesday

9.19.00pm GMT Mon 21st Nov 2005

Gas Prices peaked at £1.20 by the close of the UK Natural Gas Market on Monday for Delivery Tuesday. Prices for the December delivery also hit 91.25p per therm at close of play.

John Hemming said "The tripling of prices for Natural Gas show the tightness of the market. Already some firms have decided to stop using Natural Gas. These price movements will now test the government's theory that demand is sufficiently elastic to ensure sufficiency of essential supply."

"There remains a problem for business, however, which is the difficulty of planning with prices that are this erratic. I remain concerned as to what extent counterparty risk may undermine the market."

ENDS

Source

NBP London Index

18.30pm Monday 21st November.

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Previous news story: UK Winter Gas Position - 73 days left - Storage runs out on 2nd Feb 2006 - average extract rates of 431 GWh/d over weekend (Mon 21st Nov 2005).
Next news story: Solihull MP says planning system is "fundamentally flawed." (Mon 21st Nov 2005).

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Gas Crisis: Gas Consumption Expected to peak over 390,000,000 cubic metres on 29th December - imports running too low - prices double.

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