Wholesale gas prices spike by 15% on Monday fuelling fears for business and households        

The hike was one of the sharpest daily increases since the beginning of the Ukraine invasion

Gas prices on the continent strongly influence the prices for Irish and British gas. Picture: PA

Wholesale gas prices in Europe spiked 15% higher to hit new record levels, fuelling new fears for business and household power bills this autumn. 

The increase in continental gas prices was among one of the sharpest in any one day since the invasion of Ukraine on February 24, and came following renewed fears about the security of gas supplies from Russia to the European Union.