How this plays out for consumers will in part depend on the response of national governments, as well as moves at European level to reform  the design of European electricity markets. Analysis of adverse energy shortage scenarios by the ECB30 and others are highly negative for growth, lowering GDP by 0.4 to 2.2% relative to the baseline.
At present, we appear to closer to the more benign end of this range, a scenario which relies on a large build-up of winter 2022 storage – including via significant LNG substitution – and a milder winter.