There is a view gaining currency in European capitals that a Russian-controlled energy goliath has been stoking Europe’s energy crisis by withholding exports of natural gas
Russia is responding to a view gaining currency in European capitals that Gazprom, the state-controlled energy goliath that is the continent’s biggest supplier, has been stoking the continent’s energy crisis by withholding exports of natural gas. European parliamentarians are demanding that Gazprom be investigated for not shipping more gas, allegedly as a ploy to secure final regulatory approval for the controversial Nord Stream 2 pipeline designed to ship Russian gas to Germany.
Worse yet, the continent looks headed for a bleak winter with a possibility of severe gas and power shortages. Matt Drinkwater of Argus Media, an industry publisher, observes that official forecasters are concerned that the La Niña weather phenomenon may produce an especially harsh winter not only in north-west Europe but also in north-east Asia and North America, which would spark further global competition for energy.
Fuel switching was an option in the past, but that is difficult now. For example, green activism has stymied Europe’s nuclear development. James Huckstepp ofGlobal Platts Analytics, a research firm, notes that the region “can’t flip back to coal plants easily because some of them have been closed—and the rest made unattractive because of carbon policies.
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