Putin's gas warfare might galvanize Europe

Russia is making Europe pay a high price to meet its winter fuel needs - good news perhaps for action on energy security and climate goals, says Mike Bradshaw.

The World Today Published 30 September 2022 Updated 15 December 2022 6 minute READ

Professor Mike Bradshaw

Professor of Global Energy, Warwick Business School

Think back 12 months to when the world was beginning to emerge from the Covid lockdowns. It was a time when energy demand surged dramatically, and oil and gas producers were struggling to meet this  demand. As a result energy prices soared.

Through the autumn of 2021, the European benchmark gas price – known as the Title Transfer Facility or TTF – continued to climb and it became clear something was up with Russian pipeline gas supplies.

The International Energy Agency pointed out in October 2021 that Russia could and should export more gas to Europe to demonstrate its reliability as a supplier. Gazprom, however, would only meet its contractual obligations and no more. The Russian state-owned company withdrew from the European spot market and the rise in the price of energy carried on.

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