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Mr Piper added that Europe was “reliant but not self-sufficient” in gas given that it imports 70 percent of its requirements.
Like electricity, gas prices typically peak in winter however the current levels are particularly marked.
Richard Howard, Research Director at Aurora Energy Research, said that such prices had not been seen “for at least five years.”
Germany for example saw average prices at €44 (£37.48) per MWh last December, today it reached €331.37 (£283) MWh.
As well as rising prices of gas itself energy producers have also faced rising carbon prices in Europe, adding to the cost of energy.
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