U.K. natural gas prices jumped the most in more than eight years after an explosion at one of Europe’s biggest supply hubs threatened to curb flows during a cold snap, Bloomberg reports.
The market already was struggling to absorb the impact of a crack that shut down a North Sea pipeline network when a blast at the Baumgarten hub in Austria killed at least one person and injured 18. The facility 50 kilometers (31 miles) northeast of Vienna transports the equivalent of about a 10th of European gas demand.
Gas Connect said the incident should have no effect on gas deliveries to Austria but those to Italy and Croatia might be reduced.
Meanwhile, Russia's Gazprom Export said it was working to redirect gas flows.
It said it was "doing everything possible to secure uninterrupted gas supplies" to customers in the region.