Gas prices lead to wave of bankruptcies among energy suppliers in UK

Gas prices lead to wave of bankruptcies among energy suppliers in UK

Several European companies have filed for bankruptcy due to the fact that they cannot pay their gas bills, according to The Independent.

"Four small British energy companies failed in recent weeks. Fertilizer producers, which use natural gas as a feedstock, are struggling. So are heavy industries that require significant heat, such as aluminum or cement producers," Independent writes.

According to the newspaper, power companies in Europe and Asia are engaged in bidding wars over shiploads of liquid natural gas, thereby driving up the cost. 

"Prices are also spiking in the U.S., which converts some of its natural gas into liquid and ships it to Europe and Asia. Those higher costs are showing up in gas bills for consumers around the globe. Analysts expect those prices to rise further through winter, when customers are most reliant on the fuel," Independent added.

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