Goldman Sachs emphasizes in the report that Europe is facing a serious energy crisis. “(Europe – editorial note) may face an increase in energy costs (gas, electricity) by EUR 1.4 trillion, which is almost 10 percent of the European Union’s Gross Domestic Product” – they predict. They explain that this may happen if the situation we have now – i.e. geopolitical tensions – continues.
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Analysts admitted that the main cause of the problem was gas. “Approx. 150% increase in gas and electricity bills from summer 2020. it was mainly the result of rising gas prices. These, in turn, were a function of the tensions in the global LNG market and the growing geopolitical tensions that raised concerns about reliability Russian supplies of this raw material to Europe, points out Goldman Sachs.
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