Europe’s Governments Set to Spend Billions as Energy Crisis Deepens
Europe is being buffeted by unprecedented recovery-related energy price spikes, prompting rising alarm about whether families will be able to remain warm as the northern hemisphere’s winter approaches. Politicians are also anxious about the electoral repercussions and how spiking prices will fuel further inflation. The price jumps in natural gas are due largely to a surge in demand in Asia and low supplies of in Europe, which has seen an astonishing 280% increase in wholesale gas prices. Electricity prices are also soaring because natural gas is used across the continent to generate a substantial percentage of its electricity. Moscow’s decision …