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Explainer: How could Europe cap surging energy prices?
The European Union is preparing an emergency plan to separate power prices from the soaring cost of gas — as well as longer-term reforms aimed at ensuring electricity prices reflect cheaper renewable energy.
Related Knowledge Center: Energy security and pricing
State of Play
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.