Reuters: Prices jump on Norway pipeline outage, Russia gas cut fears

British wholesale natural gas and power prices jumped on Monday morning as reduced capacity tightened the system in the short term and the threat of a Russian gas supply cut to Europe over the Ukraine crisis pushed up winter prices.

Natural gas prices for delivery within the day and on Tuesday were both trading at 48 pence per therm at 0800 GMT on Monday, up around 5 percent each, and power prices for baseload (24 hours) delivery on Tuesday were up 10 percent to 44.85 pounds ($74.6) per megawatt-hour.

"Prices rose because tomorrow the Norwegian Langeled pipeline will stop sending gas to Britain for a day and because low winds will reduce renewable output at times of already low nuclear capacity," a utility trader said.
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