Europe’s Race to Secure New Energy Sources Is on a Knife’s Edge
As Russia tightens its chokehold on supplies of natural gas, Europe is looking everywhere for energy to keep its economy running. Coal-fired power plants are being revived. Billions are being spent on terminals to bring in liquefied natural gas, much of it from shale fields in Texas. Officials and heads of state are flying to Qatar, Azerbaijan, Norway and Algeria to nail down energy deals.
Across Europe, fears are growing that a cutoff of Russian gas will force governments to ration fuel and businesses to close factories, moves that could put thousands of jobs at risk.
Related Knowledge Center: Energy security and pricing
The United States achieved net energy independence in 2020, but that has not insulated the nation from the roiling of energy markets in the wake of the Russian invasion of Ukraine. Europe has been a large consumer of Russian natural gas, and the effort to wean itself, with the help of the United States, has strained markets and endangered global efforts to address the climate crisis.