European energy crisis

But not only are customers feeling the financial burden of wholesale energy costs being passed on to them thanks to a sharp increase in gas and electricity ...

[ Wholesale gas prices increased by 250% in 2021](https://www.nationalworld.com/lifestyle/money/where-does-the-uk-get-gas-from-how-much-is-imported-from-russia-current-supply-and-if-theres-a-gas-shortage-3391351), as the energy crisis first gripped firms. Around 43% of the UK’s power plants are gas-fired, meaning if there is a shortage, some may not be able to operate to full capacity. Grappling with financial sanctions and restrictions, Russia has cut its gas supply to Europe in the past year by 88%. [ Russia](https://www.nationalworld.com/topic/russia) has supplied much of Europe’s gas over the past few years. [More than 20 smaller energy firms went bust](https://www.nationalworld.com/lifestyle/money/which-energy-firms-have-gone-bust-how-many-companies-have-collapsed-or-at-risk-together-energy-latest-to-go-3389971) as companies struggled to cope with the sustained rise in wholesale gas costs. However, the operator also insisted that this situation is “unlikely” in the current circumstances. Here is everything you need to know. [ with below-zero temperatures and snow in many regions](https://www.nationalworld.com/news/weather/uk-weather-snow-ice-freezing-fog-travel-chaos-coldest-night-3950044) - ramped up demand for energy when supplies were already tight. [National Grid](https://www.nationalworld.com/topic/national-grid)‘s Electricity System Operator (ESO) asked two backup coal power plants to start warming up on Monday 12 December in order to give the public “confidence in energy supplies”. Advertisement