The wave of energy costs affecting households and businesses in the Member States of the European Union is causing deep concern. Faced with a great rise in gas and electricity prices, European countries are hoping for mild temperatures in order to deal with the high cost of heating next winter.
Gas prices in Europe have tripled this year as Russia 's top supplier cuts on extra supplies the continent needs, to replenish its reserves after last year' s cold winter.

The rising cost is caused also due to low gas reserves, at a time when energy demand is rising around the world as economies recovering, resume and exit lockdowns following the shock of the coronavirus pandemic. It should be noted that gas reserves are already at their lowest levels in more than ten years.

The reference prices of European natural gas in the futures market of the Netherlands have exceeded 60 euros per megawatt hour, having increased by 4.6%, while a similar picture is observed in the corresponding market of Britain. Rising gas prices are pushing electricity prices in the same direction. Indicatively, in Germany, the 2022 electricity futures contracts, which are reference prices for Europe, increased to 99.25 euros per megawatt hour and to 102.75 euros, respectively in France, setting a new record.

Faced with this situation, Europe is making great efforts to boost its supplies. Governments are also concerned about the impact on households as they already face higher costs for all goods and services, from food to transportation. European countries, including Spain, Italy, Greece and France, are already taking steps to mitigate the effects of the upcoming price hikes and protect consumers from inflation.