Russian state-energy giant Gazprom says European natural-gas prices could climb by another 60% this winter

Natural-gas prices in Europe could go up by 60 percent this winter as Russia slows exports, according to Russia's Gazprom.

The European spot gas prices have gone through the roof. According to conservative estimates, if this trend continues, prices will go up to $4,000 this winter.

In the first eight months of this year, the company produced less natural gas than it did in the same period in the previous year. The reasons for the decline were not given.

Natural gas flows from Russia to Europe have fallen. One of the major routes for transporting gas to Russia was shut down by the Ukranian government. Natural-gas flows to Europe have been cut due to the sanctions against Russia.

In the spring of this year, Dutch wholesale natural-gas prices reached a record high of nearly 335 euros, or $341, per megawatt hour. They are still five times higher than a year ago, but have fallen back to about 226 euros per megawatthour.

Natural-gas prices in Europe have been surging past records recently and could gain even more as winter approaches because the market is pricing in a supply crunch.

A Germany-based trader told S&P Global that even with full storages it would be hard if winter got cold.

The trade news service didn't give price forecasts. Historical trends show huge price gains for the delivery of natural gas during times of supply stresses.

The price of energy has gone up since the curbs on the spread of the swine flu began to ease up.

A leading British winter wholesale natural-gas contract hit a new all-time high in a single month. Natural-gas usage spikes in winter in Europe.

Consumers in Europe are bracing for sticker shock on utility bills, while governments are stepping up aid for the needy to cope with the inflation.

Cornwall Insight said in August that it expects the average annual power bill to top $4,200 by January, three times higher than the government price cap. Liz Truss, the Foreign Secretary, and the former finance minister, Rishi Sunak, both pledged to help consumers in the Conservative Party's leadership race.

In Germany, an average family of four will have to pay an extra 480 euros a year to help utility companies deal with soaring gas prices. Lower public transport tickets and energy price allowances can be found in the country's government program.