How Europe Can Manage Without Russian Gas
Trying to keep household gas prices down through price caps will only increase Europe’s import prices and create a vicious cycle of costlier imports and larger subsidies. Creating incentives for households to reduce their energy consumption will be crucial for getting Europe through the winter without rationing.
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BRUSSELS/VALLETTA – Over the last few months, gas and electricity prices in Europe surged by nearly 100% to unprecedented levels, then fell by a third, and have now soared again since Russia announced that operation of Nord Stream 1, its gas pipeline to Germany, would remain suspended indefinitely. Many European leaders have reacted to the wild swings in Europe’s energy exchanges by blaming markets. But shooting the messenger is never the right approach.