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Why Europe’s Electricity Prices Are Soaring

The New York Times · Stanley Reed · last updated

Reverberations from the war in Ukraine have “distorted” the market for natural gas, forcing energy prices up.

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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.

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