Europeans' gas bills have more than doubled even as governments pledge billions to cushion against soaring price rises

• Europeans' gas bills have more than doubled since last year thanks to Russia's war with Ukraine.
• Gas bills have surged by 111%, while electricity bills have risen by 69%, according to VaasaETT.

Europeans' natural gas bills have more than doubled since last year, even as governments spend billions to protect consumers from surging energy bills.

According to energy consultancy VaasaETT, gas bills have increased by 111% while electricity bills increased by 69% in all EU capitals since last October.

The average retail gas price across the European Union and the United Kingdom was 18 euros per kilowatt-hour in October, with Amsterdam residents experiencing the highest costs.

The most significant changes that occurred in the natural gas market include a 97% price increase in Rome and a 64% price increase in Luxembourg City, per the report.

"The high retail gas prices reflect the extreme wholesale prices driven by shortfalls in supply adequacy, increased natural gas demand in effort to fill gas storages before winter, under the constant fear of supply cuts, while the Russian invasion of Ukraine impacted the markets further," VaasaETT said.

European natural gas prices have soared this year thanks to Russia's war with Ukraine, as Moscow repeatedly cut flows to the continent in retaliation to Western sanctions imposed on them. Dutch TTF futures, the European benchmark, has risen about 63% year-to-date, reaching as high as 346 euros per megawatt-hour in August. Since then, prices have fallen back but still remain higher than they were a year ago.

At last check Monday, Dutch TTF futures fell 4.8% to trade at 109.270 euros per megawatt-hour on the ICE Exchange.

EU governments have pledged around 500 billion euros, or $496 billion, to shield Europeans from sky-high energy bills this winter, but the latest report by VaasaETT shows their efforts are having minimal effect so far.

While the UK has already implemented a price cap on heating, Germany said it has earmarked 83.3 billion euros ($83 billion) for a gas and power price cap plan next year.

"In places where the energy component is lower, so is the incentive for customers to look for more competitive offers. Similarly, the sharp increase of energy prices drives customers to seek for more competitive offers in the market," analysts at VaasaETT wrote.

"To their disappointment, since the energy crisis started, the number of competitive offer alternatives has significantly decreased, especially for new customers," they added.