Goldman Sachs Research analysts believe that the Energy Crisis, in particular affordability, has reached a tipping point that likely requires significant policy intervention. In our analysts’ view, the market continues to underestimate the depth, breadth, and structural repercussions of the crisis. Goldman Sachs Research analysts believe that these will be even deeper than the 1970s oil crisis. At current forward prices Goldman Sachs Research analysts estimate that energy bills will peak early next year at c.€500/month for a typical European family, implying a c.200% increase vs. 2021. For Europe as a whole, this implies a c.€2 tn surge in bills, or c.15% of GDP.