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European Energy Bills to Rise 54% From 2020 Level, BofA Says

  • Higher natural gas prices drive cost increase for households
  • Governments under pressure to ease hit to vulnerable consumers

Households in Europe are set to pay an average of 54% more for energy than they did two years ago, due to soaring natural gas and power prices across the region, according to Bank of America Corp.

The average residential consumer will spend 1,850 euros ($2,095) on energy this year, up from 1,200 euros in 2020, analysts at the bank said in a research note. The biggest increases will be in Italy and the U.K., where bills will jump by about 950 euros.