The primary cause: Russia has choked off the supplies of cheap natural gas that the continent depended on for years to run factories, generate electricity and heat homes. That has pushed European governments into a desperate scramble for new supplies and for ways to blunt the impact as economic growth slows and household utility bills rise.
There's still some Russian gas flowing to Europe through a pipeline passing through Ukraine into Slovakia, and another crossing the Black Sea to Turkey and then to EU member Bulgaria. Russia started cutting back gas as early as last summer, before the war in Ukraine started. That sent gas prices sharply higher.
Companies warn that they often can't switch overnight to other energy sources such as fuel oil or electricity to produce heat. And, with everyone searching for alternate supplies, fuel oil and coal have also risen in price. Analysts at Rystad Energy say Europe could face a serious electricity shortage as soon as this month. This winter, a worst case of cold weather, low wind generation and a 15% cut in gas use "would prove very challenging for the European power system, and could lead to power rationing and blackouts."
National governments have approved a raft of measures: bailouts for utilities forced to pay exorbitant prices for Russian gas, cash for hard-hit households and tax breaks.
This is what happens when you elect socialists
Who could have predicted this...
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