Goldman Sachs Says Europe’s Household Electrical Bills Could Surge By $2 Trillion By Next Year

Fortune: Europe’s household electrical bills could surge by $2 trillion by next year amid a worsening energy crisis, Goldman Sachs warns 

European households should brace for an expensive winter owing to the continent’s deepening energy crisis that will likely send electricity and heating bills soaring. 

Energy affordability in Europe is reaching a “tipping point” that could peak next year, with total spending on bills across the continent growing by 2 trillion euros ($2 trillion), a Goldman Sachs research team, led by Alberto Gandolfi and Mafalda Pombeiro, said in a note published Sunday.  

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Update: Goldman Sees $2T Surge in Europe Energy Bills by 2023 (Bloomberg)  

Update #2: Europe's Nightmare Scenario Comes True: Energy Bills To Rise By €2 Trillion, Will Reach 20% Of Disposable Income (Zero Hedge)  

WNU Editor: To prevent massive social unrest EU governments are going to impose a price cap on prices. But this is a temporary solution that in the end will only wreck government budgets and create other economic problems. It also does not address the need for Europe to find a reliable supplier of energy that can replace sanctioned Russian supplies.