Europe’s energy bill is set to surge to a record-high of $1.2 trillion in 2022 due to soaring energy commodity prices, which further rallied after Russia invaded Ukraine, Citigroup said in a new report cited by Bloomberg . Citi now expects Europe to pay for energy $200 billion more than it expected just last month, and the latest estimate now exceeds the previous all-time high spending on energy from 2008. To compare, Citi estimates that in 2021, Europe’s energy bill was just $300 billion, four times lower than the expected amount the continent will pay for energy this year. Europe is now “facing a big headwind from its energy bill,” Citi’s analysts wrote in their report quoted by Bloomberg. The recent rally in energy prices and the low natural gas inventories in Europe sent energy commodity and power prices surging in recent months. Europe was grappling with high energy […]