Europe is caught between the greens and the reds. We can’t have nuclear, we can’t have coal, now we are going to have to pay through the nose for oil and gas.
This is going to prove tricky for Europe, which relies so much on Russian gas and which is already suffering from a lack of supply, with prices for energy rocketing.
With Russia heading for isolation because of its Ukrainian aggression, unless some peace miracle happens there will be an energy crisis in Europe and another spurt of energy price hikes feeding into an inflationary spiral already underway.
If the current situation turns into a Cold War-style stalemate we are in for a long period of extreme energy prices.
It will, however, be engineers to the rescue. Obviously, it won’t be a quick fix, and obviously the greens will be pushed back more in the short term, and on will go the coal-powered power stations and whatever generating capacity they can get back online.
Long term it will mean hydrogen...