European consumers will face the highest energy bills in history this year as oil and gas prices continue to rally amid the Russian invasion of Ukraine.
Based on futures prices, the total energy bill for Europe is expected to approach $ 1.2 trillion. this year, according to an analysis by Citigroup, broadcasts Bloomberg.
This reflects Europe’s continued dependence on imports to meet demand, with the rapid expansion of renewable energy having little impact to reduce this dependence.
The continent is facing “major difficulties due to energy costs,” according to bank analysts. Citi’s latest forecast is up nearly $ 200 billion from its estimate in January, well above the previous high of 2008, when oil prices hit new highs.
With Europe dependent on gas and oil imports to meet more than half of its energy needs, limited supply in recent months has led to rising prices for everything from food to fuel. This has led governments to channel billions to mitigate the blow to the consumer. “However, in the end, the upward pressure on prices will pass [στους καταναλωτÎÏ‚]”, analysts report.
Energy costs in Europe in 2021 reached $ 300 billion.
Source: Capital
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