Europe's Rising Energy Bills Will Force Governments to Act, Citi Says [Financial Post (Toronto, Ontario, Canada)]
E.ON SE S/ADR (EONGY)
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Source: Financial Post
A utility bill rise of over 3% of GDP is expected in Europe in the next couple of years as commodity prices peak, analysts Piotr Dzieciolowski, Jenny Ping and Antonella Bianchessi wrote in a note Monday. Soaring energy prices are adding to the cost of living for households across Europe, where inflation is pushing into double digits for some groups. Iberian governments have approved a price cap on energy costs, while the UK has been considering a windfall tax on utilities to help alleviate the strain on households. Power and gas bills are likely to increase in Europe from around 3.5% of household disposable income in 2021 to 4.5% in 2023 and 4.8% in 2024, they estimated. The biggest problem could be seen in Eastern Europe, where commodity prices constitute a larger proportion of bill costs, they said. Bad debt is a growing concern, particularly for utilities like E.ON SE and Enel SpA who get a large proportion of their earnings from their supply business, the analysts said. Consum
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