Can Europe keep the lights on this winter?
The energy crunch intensifies
Europe’s energy war is becoming total. Having already banned or promised to ban imports of Russian oil, leaders of the g7 group of countries said on June 28th that they would explore ways to cap its price, as well as that of Russian gas. Populations are being prepared for pain. Britain has hinted that it will reform its power market to curb the influence of natural gas on domestic prices. French utilities have called on consumers to cut energy use “immediately”. One goal of such manoeuvres is to deprive Russia of much-needed revenue. Another is to try to ward off the energy crunch that looms over Europe.
This article appeared in the Finance & economics section of the print edition under the headline “Power outrage”
Finance & economics July 2nd 2022
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From the July 2nd 2022 edition
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