Iran Press/ Europe: Gas bills have soared 111% and electricity ones 69%, according to the latest figures from the Household Energy Price Index.
Averaged, these two figures mean an energy bill increase of 90% -- or nearly double -- compared to October 2021.
The research, published on Monday by Energie-Control Austria, the Hungarian Energy and Public Utility Regulatory Authority (MEKH), and Vaasa ETT, highlights the bruising impact of the Ukraine war on Europe, which has triggered a cost of living crisis and plunged many economies into recession.
Pinpointing how the Russian invasion impacted energy prices, the authors said it had caused "uncertainty over energy security" and "reduced deliveries of Russian gas or [the] complete termination of supply".
Russia reduced and eventually halted Nord Stream gas supplies to Europe in September, after western countries sanctioned Moscow over its invasion of Ukraine, with the US accusing Russia of "weaponising energy".
Related News:
Eurozone inflation jumps to record 10.7 percent
The Household Energy Price Index report looked at gas and electricity prices from 2009 to October 2022 in 33 European countries -- including EU member states as well as Montenegro, Norway, Serbia, Ukraine, the UK, and Switzerland.
It found that recent energy price spikes followed record-breaking increases in 2021 caused by higher demand as people and businesses recovered from the COVID pandemic.
"Significantly higher [energy prices] compared to one year ago ... can be attributed to a combination of factors, such as increased demand connected to post-pandemic economic recovery and extraordinary weather conditions, the record-high prices for natural gas, and high CO2 emissions allowances," wrote the authors.
206
Read More:
Germany's inflation soars to 11.6%, highest in half decade
EU leaders fail to agree on gas price cap
