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Goldman Sees $2 Trillion Surge in Europe Energy Bills by 2023

  • Power generation price caps likely in response, analysts say
  • Energy bills to represent 15% of European GDP, they say

Energy bills for European households will surge by 2 trillion euros ($2 trillion) at their peak early next year, underscoring the need for government intervention, according to Goldman Sachs Group Inc. utilities analysts.

At their height, energy bills will represent about 15% of Europe’s gross domestic product, the analysts, led by Alberto Gandolfi and Mafalda Pombeiro, wrote in a note dated Sunday.