Europe is preparing for the start of the heating season with the lowest gas reserves in at least 15 years. This threatens to drive up prices for businesses and households this winter, reports the Financial Times.

According to experts, such a situation may have serious consequences for the economy and consumers. The rise in gas prices may lead to increased costs for businesses, which in turn may lead to higher prices for goods and services.

Causes of the decline in gas reserves

The decline in gas reserves in Europe is due to several factors, including the reduction in gas supplies from Russia and the increase in gas consumption last year.

According to the Financial Times, Europe usually stores around 90 billion cubic meters of gas in its storage facilities before the start of the heating season. However, this year gas reserves are only around 70 billion cubic meters.