Europe Faces $1 Trillion Energy Bill in 2022, Citigroup Says
- Record prices lead to region’s highest energy bill in a decade
- Gas and electricity are becoming ‘prohibitively expensive’
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Europe will get stung this year with the biggest energy bill in a decade as hyperinflation in natural gas and power prices hits homes and factories across the continent, according to Citigroup Inc.
Using current forward prices, the region’s total primary energy bill will come in at about $1 trillion, the bank said in a report. That compares with about $300 billion last year and $500 billion in 2019.