The average retail gasoline price across the EU and the UK doubled in Oct compared to the previous month, when it amounted to € 0. 18 per kilowatt-hour, Bloomberg reported on Monday, citing data from energy consultancy VaasaETT.
Electricity costs for consumers have got reportedly soared 67% to € 0. 36 for each kilowatt-hour.
The surge occurred despite EUROPEAN governments’ latest attempts to guard households against spiraling power prices by providing billions within subsidies. EU leaders possess pledged more than € 550 billion over the past year to assist businesses and households deal with the energy crisis.
According to Philip Lewis, chief executive officer at VaasaETT, it might be likely household bills could have been even higher if it were not for the financial aid.
On a monthly basis, the average unit rate for electricity apparently increased 3. 4% in October, while that meant for gas grew by 2 . 5%. The biggest monthly benefits were recorded in Dublin, Ireland, where power rates climbed 44%, while the typical gas price in Ancient rome surged 97%.
“ If we were basically to have the crisis more or less long lasting for another whole year, or even more than a year, that cost, of those measures for these government authorities, is going to be enormous, ” Lewis said, as cited by media.
“ Eventually customers can forget that those prices are not real prices – they will take them as the norm and it becomes essentially impossible to get rid of them, ” he added.
The EU and The uk are facing a sharp rise in energy prices and report inflation amid anti-Russia sanctions and a policy of leaving Russian fuel. The situation is usually expected to lead to energy rationing and shortages across Western Europe.
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