By Paul Homewood
The European energy crisis is poised to go from very bad to unimaginably worse. While all eyes are on Ukraine and Russia, Europe’s energy woes are largely self-made, not due to outside forces.
Europe has made its own bed, disassembling dispatchable fuel diversity by closing well-operating coal and nuclear power plants. In doing so it has deepened its already troubling reliance on an insecure and volatile natural gas market dominated by Vladimir Putin. Europe is, in fact, more dependent on Russian gas today than it was when Russia annexed Crimea in 2014.
Meghan O’Sullivan, the director of the Geopolitics of Energy Project at Harvard University’s Kennedy School, toldThe Wall Street Journal, “For the foreseeable future, Europe will remain dependent—and possibly as dependent as ever—on Russian gas.”
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