US, UK and European governments freezing Russia energy prices risks blanketing the Continent in power blackouts, a Wall Street investment bank has warned today.
“The more reductions [in energy consumption] we see, especially in summer… the less likely Europe is to face blackouts or lack of heating in the winter,” Goldman added.
The UK and European energy market has been grappling with a shortage of gas after Russia squeezed flows in response to western sanctions. Weaker than usual supply has propelled gas prices to record highs, triggering cost of living and Inflation crises in Britain and across the Continent.
Businesses will need to respond to swelling energy costs by curbing economic activity to ensure the UK and European government do not impose energy rationing measures, Goldman said.
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