Rising energy prices: Europe is facing the coldest winter since the start of the war in Ukraine – Bloomberg

Europe is facing the coldest winter since Russia’s invasion of Ukraine, which will lead to a rise in energy prices.

This was reported by Bloomberg.

Overall, temperatures will be higher than the seasonal average, but the cold snap will still increase pressure on already high gas and electricity prices. This could coincide with the cessation of gas supplies through Ukraine starting on January 1.

This month, Europe has been depleting its gas reserves faster than usual, raising concerns about the end of the winter and the stock replenishment season next summer.

As reported by Bloomberg, the rapid depletion of gas reserves in storage and the impending supply disruptions from Russia create the conditions for a new energy crisis in Europe. Europe is also preparing for the possible cessation of Russian gas supplies through Ukraine when the transit agreement expires at the end of the year.

Earlier, it was reported that the European Union purchased Russian pipeline gas in September for a maximum of 840 million euros, the highest amount in a year and a half. Italy and Hungary were the leading countries in gas purchases.