European gas jumps on winter risks as Putin steps up Ukraine war

The UK plans to slash the wholesale prices that are incorporated into business energy bills this winter, according to people familiar with the matter.

European natural gas prices rose as traders assessed the security of winter supply with Russia stepping up its war in Ukraine, even as nations deepened efforts to prevent the energy crisis from snowballing.

Benchmark futures jumped as much as 7.1% for a second day of gains. In the latest move to ensure supply, Germany said it will nationalise Uniper SE and avert a collapse of the energy sector with winter just days away.