EXPLAINER: What does Ukraine invasion mean for energy bills?

FRANKFURT, Germany (AP) — Even as gunfire sounded in Ukraine's capital, natural gas kept flowing normally Friday through the major pipelines from Russia to Europe. But the invasion and accompanying sanctions are casting a shadow over longstanding energy ties, both for the coming weeks and longer term.

Europe, along with the rest of the world, is already facing high gas prices and an energy crunch that has hit consumers in their pocketbooks. Russia’s attack on Ukraine has whipsawed energy markets, not least because Europe depends on Russian supplies of natural gas.

Here are key things to know about the impact of the invasion on energy:

WHAT IS THE SITUATION WITH GAS SUPPLIES AND PRICES?

Natural gas prices soared on news of the invasion Thursday even as gas flowed normally, according to pipeline operators. Prices fell sharply Friday after U.S. and European officials said sanctions against Russia would not interrupt energy supplies or, almost as important, payments through banks for shipments of oil and gas.

Nonetheless, fears of an interruption in gas supplies have rattled markets. Russia accounts for more than 30% of Europe's gas for home heating, industry and generating electricity, and other potential supply sources are inadequately prepared to bridge the gap if Russia's gas is cut off, analysts at Rystad Energy say.

“A complete halt to gas exports from Russia is highly unlikely, but gas piped through Ukraine — which represents 8% of European supply — is very much at risk,” the analysts say.

Supplies of liquefied natural gas brought by ship from the U.S. has helped relieve some of Europe's gas shortage this winter, but it's expensive and export terminals are running at capacity.

In response to the invasion, the German government has frozen the approval process for...