Russia’s weaponization of its natural gas supply to Europe triggered big increases in energy prices and double-digit inflation last summer. But more recently, the EU success in energy conservation and construction of new liquefied natural gas (LNG) terminals, combined with mild weather, has led to declines in European natural gas prices to levels last seen before the Russian invasion of Ukraine. And as renewable energy has scaled up, the postinvasion jump in coal- and oil-based power production has also returned to lower levels.
But Europe’s energy problems are far from over. No longer… …read more
