Europe scrambles to protect consumers against dizzying energy prices
Taxpayers are about to be hit by an enormous bill
Europe’s energy war is heating up. The eu is preparing to boycott most Russian oil, starting from December. Russia, for its part, is curbing gas supply to Europe: on August 31st it halted flows through its biggest pipeline, citing maintenance. The confrontation has caused an energy crunch. Wholesale gas prices are nine times what they were last year; power prices, which are linked to gas, the marginal generation fuel, have soared.
This article appeared in the Finance & economics section of the print edition under the headline “Lines of defence”
Finance & economics
September 3rd 2022- Europe is heading for recession. How bad will it be?
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From the September 3rd 2022 edition
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