UK natural gas wholesale prices surged in the region of 20% midweek taking them to a fresh record high after a large fire at Britain’s main electricity subsea cable with France reduced imports. The development comes at the most inopportune time: tight gas markets and a lack of wind had resulted in day-ahead power prices reaching their highest levels since 2008 on Monday, having hit £540 per megawatt hour. National Grid said the fire broke out at the IFA1 interconnector site in Sellindge near Ashford in Kent. Traders quickly bid UK gas prices higher on an assumption that the UK will have to fire up more gas generators ... (full story)