Governments no match for markets in European energy crunch

From Athens to Oslo, lawmakers across, some facing elections this year, have scrambled initiatives such as removing value-added tax on home energy bills or providing targeted help for the most needy households.

Since most energy suppliers buy, or hedge, the power or gas they are going to need to supply customers around six to nine months in advance, high prices, due toand low storage levels, have yet to fully filter through. French lawmakers are particularly wary of a repeat of 2018’s violent street protests against a fuel tax increase which spiraled into wider protests against authorities.

Italy was one of the first European countries to act last year, spending more than 8 billion euros since July to curb retail energy bill hikes. Rome is also likely to raise taxes on energy firms that have benefited from higher prices. An analysis of the survey by not-for-profit trade body Energy and Utilities Alliance found that 17 of the 18 parliamentary seats in that area would switch back to the opposition Labour Party if an election was held now.

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