Europe’s Energy Disaster Worsens

Source: Power Line

This is from today’s Telegraph:

In the end, it could be even worse than had been feared. Today saw the release of a new forecast for the energy price cap – and it does not make for comfortable reading. Experts predict that the figure will hit more than £4,200 in January [$5,082 for a single month]. In a new dire outlook for households, Cornwall Insight said bills are set to soar to around £3,582 in October – from £1,971 today – before rising even further in the new year. Ofgem is set to put the price cap at £4,266 for the average household in the three months from the beginning of January. The energy consultancy said this is around £650 more than its previous forecast. Consumer expert Martin Lewis described the latest forecasts as “tragic”, saying they will leave many households “destitute”.

As Britain rushes to wean itself off Russian energy, British Gas owner Centrica today inked a £7 billion deal to import liquefied natural gas from the US. The company signed an agreement with Delfin Midstream to buy LNG from America’s first floating export facility off Louisiana. While deliveries are not expected to start until 2026, James Warrington reports that it highlights how suppliers are securing extra imports after Vladimir Putin’s gas cuts sparked fears of energy shortages this winter.

In a crisis, no one is desperately trying to buy solar panels. That is the situation in the U.K. Then there is France:

France’s Emmanuel Macron has smothered his country’s cost-of-living problem by capping electricity bills at 4pc by state dictate, while gas prices have been frozen at the October 2021 level until the end of this year under a “tariff shield”.

That’ll work! Tragically, the U.S., with the greatest reserves of energy in the world, is going down the failed German path. This is the worst mistake of a catastrophically bad administration.