Analysts at Goldman Sachs said in their latest note that energy bills for European households will surge by EUR2 trillion ($2 trillion) at their peak in early 2023.

Key quotes (via Bloomberg)

"At their height, energy bills will represent about 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.”

“We believe these will be even deeper than the 1970s oil crisis.”

“Stock investors are too pessimistic about the effect of regulatory efforts.”

“The introduction of price caps in power generation could save the bloc around 650 billion euros in power bills and offer consumers and markets some relief while allowing governments to forgo a windfall-profits tax.”