UPDATE 1-'Beast from the East' sends British energy prices skyward [Reuters]
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Source: Reuters
'Beast from the East' sends British energy prices skyward | Reuters 3 Min Read LONDON (Reuters) - A cold snap dubbed the ‘Beast from the East’ sent British wholesale energy prices to at least 10-year highs on Wednesday as traders scrambled to secure supplies. Britain’s Met Office weather service forecast sub-zero temperatures for much of the week, with gas supplies facing a crunch on Wednesday due to outages. Temperatures fell to minus 12 Celsius (10 degrees Fahrenheit) in some rural areas while the Met Office warned of up to 40 cm of snow in parts of Scotland and Ireland braced for what could be its biggest snowfall since 1982. The cold snap comes just days after a law was introduced in Britain’s parliament aimed a capping consumers’ energy bills, a move which British Gas owner Centrica said could hurt competition. “The (British) market is acutely tight. Highest consumption since 2010; flexibility being tested from various sources and now UKCS (UK Continental shelf) and Norwegian out
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