Belgium's energy minister says that The countries in the European Union will have to face ten terrible winters if nothing is done to reduce the gas prices. He has stated that gas prices should be frozen and not used to dictate electricity prices. In recent times the EU states have been struggling with the huge hikes in their energy prices since the war began, and the countries are trying to cut the imports of Russian gas and oil.
Moscow supplied the EU with 40% of its gas last year and has now turned in a turn of restricted supplies; even the electricity prices have witnessed a huge hike in the prices. As natural gas is widely used to generate electricity, the electricity bills have also gone up; the price is used when buying electricity wholesale, even though it comes from much cheaper renewable resources.
Hence EU is facing huge inflation due to price hikes in the prices of natural gas and electricity.