British energy firms fear collapse as Europe’s gas crisis sees prices surge 250%

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Aman Sharma | Getty ImagesLONDON — Britain's energy industry could be headed for a significant shakeup, industry insiders have warned, as countries all over Europe grapple with an unprecedented crisis in the power sector.Wholesale gas prices have spiked across the region, with the U.K. being hit particularly hard.The front-month gas price at the Dutch TTF hub, a European benchmark for natural gas trading, gained on Monday to trade at 73.150 euros ($85.69) per megawatt-hour, hovering close to the record high seen last week.Since January, the contract has risen more than 250%.In the U.K., day-ahead energy prices for Monday reached an average of 291.18 euros per megawatt-hour, according to energy analysis firm LCP Enact. However, the maximum price for the U.K. on Monday could be as high as 1,083.78 euros per megawatt-hour, LCP Enact's analysis showed.Impact for energy firmsRobert Buckley, head of relationships and development at Cornwall Insight, told CNBC that the crisis was
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