It does not look bright for Europe.

According to utilities experts at Goldman Sachs Group Inc. household energy costs in Europe will peak early next year and increase by 2 trillion euros ($2 trillion) highlighting the need for government involvement.[1]

According to the analysts led by Alberto Gandolfi and Mafalda Pombeiro in a note dated Sunday energy costs will peak at roughly 15% of Europe’s gross domestic product.

“In our view the market continues to underestimate the depth the breadth and the structural repercussions of the crisis ” they wrote. “We believe these will be even deeper than the 1970s oil crisis.”

“At current forward prices we estimate that energy bills will peak early next year at c.€500/month for a typical European family implying c.200% increase vs. 2021. For Europe as a whole this implies a c.€2 TRILLION surge in energy bills or c.15% of GDP.”

The 280 billion euros ($281 billion) that European lawmakers have already set aside to help firms and individuals who are suffering from rising energy prices run the risk of being overshadowed by the crisis’s scope.

Newsbook reported that in the UK gas and electricity bills will increase by 80% and in their facebook post they added that “The regulator Ofgem has appealed to the British government to help the people after this increase.”[2]

What Newsbook’s lack of research fails to tell you is that a billboard that was photographed somewhere in the UK speaks a million words not told:
Secondly ex-Prime Minister Boris Johnson in discussing the future of the UK’s energy sector in his final major speech as Prime Minister stated:
“If you have an old kettle that takes ages to boil it may cost you £20 to replace it. But if you get a new one you’ll save £10 a year for every year £10 a year for every year [wow that’s a lot!]on your electricity bill.”

Actually according to the Daily Mail the British might be told not to cook until after 8 pm pubs will be closing at 9 pm schools will be that of “three-day-a-week” care homes will have to cancel outings for residents. [Our old generation was first locked up during lockdowns while in care homes without any visit from their loved ones and now they are being locked up for another reason… and what does saving electricity have to do with the outings of residents?] Swimming pools will be left unheated [forget swimming or exercising if you love it. Forget any physiotherapy you might need which requires you to do some pool exercises]. This is what the British are being asked to do by their government![2] Help my foot!

Now I can understand that this part of the whole speech might have been taken out of context. Fine! But is it sensical advice to give or an example to bring up?

Do you know what it reminded me of? It reminded me of when GonziPN had advised us to start switching on and using appliances at night so that we receive less expensive energy bills than the high ones which the same GonziPN was blessing us with. I remember imagining myself staying awake till midnight so to start the washing machine and while all my loads get ready I could as well invite my old neighbours for a cup of tea who would have been woken up by the noise of the washing machine in the deafening silence of the night! U ħalluna naqra!

Considering the above billboard and the above advice can Newsbook clarify and add more information as to how the Britons are going to be aided by the British government as requested by Ofgem?


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