Electricity costs by country in Europe will grow to €2 trillion in early 2023. Without financial assistance from European Union governments, the energy crisis will only intensify, Bloomberg reported, citing a study by utility analysts at Goldman Sachs Group Inc.

“At the peak of the winter heating season, energy bills will account for about 15 percent of Europe’s gross domestic product,” said analysts at the U.S. financial conglomerate, led by Alberto Gandolfi and Mafalda Pombeiro.

According to experts from Goldman Sachs, the financial difficulties associated with the upcoming fall-winter heating season and the costs in particular will be comparable in magnitude to the oil crisis of the 1970s.

“In our view, the market continues to underestimate the depth, scope and structural effects of the crisis. We believe it will be even deeper than the oil crisis of the 1970s,” the analysts concluded.

At the same time, the plans of the European Union on the introduction of capping prices on Russian fuel could save European countries about €650 billion. This measure will also help stabilize the growth of electric energy tariffs at an ideal level, consider Goldman Sachs.

On September 6, Spanish Vice Prime Minister Teresa Ribera said that the EU authorities were considering the possibility of introducing regulation of prices for Russian gas. According to her, this measure would help European countries avoid fuel shortages at the height of the autumn-winter heating season.

We previously reported that Italy will reduce natural gas consumption by 7%.