A Renaissance of Fossil Fuels: Consequences of Europe’s Energy Market Panic

... record highs in Europe over the past few weeks, and analysts from Europe expecting the factors that drive these prices to persist in the coming weeks. Many in European political circles would like to believe it is the Russian Gazprom that is ultimately responsible for what has been going on, claiming that its alleged reluctance to supply gas to the European market has sparked the events that caused prices for natural gas to increase fourfold and prices for electricity to double in 2021. However, the Russian company was not in breach of any contracts, nor was it guilty of lowering the transit volumes of gas passing through Ukraine. Besides, hybrid pricing under ...