Due to a lack of supplies from Russia and high demand in China and Latin America, European economies such as Spain, the Netherlands, and the United Kingdom have become particularly susceptible. In recent years, countries have reduced their reliance on coal-fired power facilities and increased their reliance on natural gas. Even in the United States, the world's largest natural gas producer, the bidding battle has driven up prices to levels not seen in over a decade, paving the way for a costly winter heating season and higher energy bills.
According to Jared Paventi, a National Grid spokesman in Syracuse, the average residential customer with National Grid will pay $155 more for natural gas over the five months from November 1 to March 31 than they did last winter. Due to restricted supply and surging demand, natural gas contracts in Europe have reached new highs, rising about 400 percent since the beginning of the year.
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