A series of unfortunate events colluded to create this year's energy crisis. First was a surprisingly robust recovery after the worst of the pandemic receded: Growth roared back in the United States, Europe, and China while energy producers and the people who move things around the world were still under lockdown. Then there was extreme weather: cold snaps that drove up natural gas consumption, doldrums that silenced wind farms, and flooding that wrecked coal forecasts.
Bad policy and myopia also played a big part. And nobody seemed to pay attention to geopolitics, which is why Russia still has one foot on the hose and one hand on the valve, confident in the knowledge it remains kingmaker of Europe's energy fortunes. Some of the energy crisis's causes are passing; most are not. So buckle up, and enjoy some of FP's
best pieces from this past year on what's in store.
This email is part of FP's Year in Review series. Inbox too crowded? Click here to opt out of these communications. 
No comments:
Post a Comment