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Industry Faces 90% Increase In Gas Prices

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1.9% inflation, not.


Industry faces 90% increase in gas prices

By Christopher Adams in London

Published: February 16 2006 20:04 | Last updated: February 16 2006 20:04

Over the next few weeks thousands of British manufacturers who depend on natural gas for their energy will be haggling over new long-term contracts. By the end of February, industry experts say, the damage done to profit margins from this winter's surge in wholesale gas prices will be clear

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I believe this could be the start of it...

already started

the ceramics building materialsl sector generally went on month ahead contracts last sept/oct as most companies wernt prepared to lock in at 12 month ahead gas costs of c 55 p/ therm compared to 35p per therm on their old contracts. in dec & jan prices spiked at over £1.00 per therm(day ahead). it is

not clear what the future holds but year ahead contracts recently were typically 70 p per therm.

for most of the 1990s this sector was paying about 16 p per therm.

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Absolutely, businesses are going to take a real kicking as the energy prices not so slowly filter through this year. The job losses rate will accelerate rapidly this year.

Capital Economics forcast that there could be as many as 500,000 job losses during this cycle. We lost 108,000 in the last quarter of '05. At that rate I think their estimate could rather conservative. 800,000 anyone!

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