On the contrary, falling temperatures, fears of disruption from the military buildup on Russia’s boarder with Ukraine, and the reverse gas pumping from Germany to Poland through the European segment of the Yamal-Europe pipeline have all contributed to new historically high prices. The ICE Futures Europe price per thousand cubic meters exceeded $1,000 in September and $2,000 on December 2021. This spike has taken a toll as energy-intensive companies, such as those from the steel industry, had to cease their activities due to the extreme cost of production. While some EU lawmakers accuse Russia of “weaponizing” gas supplies and President Vladimir Putin blames Germany for reselling gas to Poland, soaring prices threaten to leave millions of households unable to pay their bills.
A rapid shift to renewables alone is unlikely to bring the expected results.
Though this is due to…