Europe is facing a catastrophic energy crisis. Prices for the natural gas needed to power many of its electricity plants have increased ten-fold since last summer. Most recently, Russia has choked off gas supplies to the Nord Stream 1 pipeline in retaliation against the G-7’s decision to put a cap on Russian oil prices. What needs to be done to keep homes warm this winter?
On this week’s episode, hosts Soumaya Keynes, Alice Fulwood and Mike Bird investigate the options facing European governments as they scramble to tackle soaring consumer energy bills. First, our Europe economics editor Christian Odendahl explains the extent of the problem and the structural factors that underpin it. Then, the IMF’s Assistant Director for Europe Oya Celasun describes how direct cash support can protect the poor from surging energy prices. Finally, Scottish Power chief executive Keith Anderson outlines his plan for a state-supported price freeze and structural reform of the UK’s energy market.
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