Energy squeeze to push household bills up €500 next year

Bank of America predicts energy costs will jump by a third this winter, driven by a severe shortage of gas supplies

Spot energy markets have been subject to volatility in recent weeks due to the unfolding energy crisis in Europe. Picture: Getty

The average household energy bill for European consumers is set to increase by €500 next year due to surging gas and electricity prices, according to new research from Bank of America.

The US financial services giant forecasts energy bills in Europe will increase up to 30 per cent this winter and will rise another 13 to 26 per cent in 2022, which it said would result in the average household paying an additional €500 on ...