The price of gas around Europe has risen sharply due to increased demand as a result of the cold weather.

UK gas for next day delivery reached 93 pence per therm, the highest for more than six years.

It marks a rise of 24% in the UK price since Friday.

In addition, Italy has decided to ration the supply of gas to industrial customers after receiving insufficient gas from Russia to meet high levels of demand.

Prices have soared even higher in France, which is struggling to meet demand, reaching the equivalent of almost £1.02 per therm.

Companies supplying residential customers rarely buy gas on the next day market. But it is relied upon by some big commercial users.