Russia shut the critical pipeline, so the gas price soar 26% in Europe

Gas prices have soared concerns over energy supplies after Russia announced it would not reopen its main gas pipeline to Europe.

A benchmark for Europe, the Dutch month ahead wholesale gas price was up as much as 30% in early trading. The Nord Stream 1 pipeline was to reopen on Saturday after being shut for three days, but Gazprom, a Russian state-owned energy firm, said the pipeline was leaked. Moscow also denied the accusation of Europe of using gas supplies to blackmail European countries for the Ukraine conflict.

In recent weeks the wholesale prices of gas have been very volatile. They fell sharply last week after Germany announced that its gas storage facilities were filling up faster than expected. The Kremlin's decision to squeeze supplies to Europe has driven up the overall cost of wholesale gas, although the UK is not reliant on Nord Stream 1. On Monday, the prices in the UK rose as much as 35%.

The overall increase has been behind the energy bill price cap spike for consumers in Wales, Scotland, and England. Additionally, Liz Truss has promised to announce a plan to deal with high energy bills if she becomes prime minister. Her rival, Rishi Sunak, also announced he would target further payments aimed at the poorest.