EU faces gas shortage and utility spike

Due to the war in Iran, the EU must urgently replace energy resources equivalent to 12 million households' consumption (7% of total demand). This threatens sharp electricity bill hikes and forced savings measures.

Gas stocks are at record lows for this time of year since 2011 (just above 70%), as traders sold summer reserves due to high prices. Additionally, the EU ban on long-term Russian LNG contracts, effective January, is expected to cut imports by another 7 billion cubic meters.

@Slavyangrad