Europe’s energy ambitions are clear: to shift to a low-carbon future by remaking its power-generating and distribution systems. But the present situation is an expensive mess.
A global supply crunch for natural gas, combined with low inventories, military tension on the Russia-Ukraine border and bottlenecks for renewable energy, have contributed to soaring prices for everything from electricity to coal. Governments are prepared to intervene if needed in volatile energy markets to keep homes warm and factories running.
