Business gas prices affected by Japan, npower confirms
Magali Hodgson, from the energy supplier's optimisation desk, said: "The situation in Japan also needs close monitoring as it is impacting on [liquefied natural gas] and coal prices," and noted that changes in cost will be dependent upon the long-term effects of the crisis.
On March 11th, the Far East nation was hit by an 8.9 magnitude earthquake, which led to an explosion at the Fukushima nuclear plant the following day but experts were quick to reassure people that a situation similar to Chernobyl was unlikely. This incident has caused the island's production of the fuel source to decrease and it is seeking alternatives to sustain itself, Ms Hodgson remarked.
She explained that this week's market "reacted strongly" to the events and Monday's (March 14th's) power prices showed a seven per cent increase, with coal trades rising to over $125 (£77) - which Bloomberg reports as a 17-month high in profits.
Posted by Richard Eden
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