European governments have already earmarked almost 500 billion euros in the past year to shield citizens and companies from soaring gas and power prices, according to research published by think-tank Bruegel.Russian cuts to gas supply to Europe in retaliation for Western sanctions on Moscow over its invasion of Ukraine have left utilities exposed to sky-high spot prices as the scramble for alternative supplies has helped drive up consumer bills.
"We have stepped in to stop businesses collapsing, protect jobs, and limit inflation," Britain's finance minister Kwasi Kwarteng said, while another cabinet member said the final cost of its energy support would depend on how high prices climbed. More than 20 British power providers have collapsed, many crumbling because a government price cap prevented them from passing on soaring prices.
European gas prices on Wednesday hit as much as 212 euros per megawatt hour , below this year's peak of around 343 euros but up more than 200% from a year earlier. Oil prices rose nearly 3%."The partial mobilisation is definitely a bullish factor as it increases the risks of a prolonged war in Ukraine," said Viktor Katona, lead crude analyst at Kpler.
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