Gas prices reach 'unbelievable' levels this week amid energy crunch

The markets continue to flash red for potential shortages across Europe this winter

On Friday, the spot price for continental European gas rose 1% to a new record high price of close to €243 per megawatt-hour, according to the Dutch TTF contract that trades on London's ICE exchange.

European wholesale power prices climbed to fresh records, putting more pressure on industrial production and consumers struggling with a cost-of-living crisis.

Rallying gas, coal and carbon prices and little sign of relief for Europe’s embattled power infrastructure are pushing electricity costs higher.