Energy crisis forces EU ministers to face up to reliance on natural gas

Analysis: As governments shield consumers against soaring prices, Russia and renewables are coming under scrutiny

The UK is far from alone in its energy crisis. Across Europe, governments are acting to shield consumers from soaring bills, with nerves growing about the coming winter. EU energy ministers will meet this week at an Alpine castle in Slovenia, where they will discuss global gas shortages and the union's energy policy.

Since the start of the year, wholesale gas prices in Europe have risen by 250%, the result of a complex cocktail of economic, natural and political forces. Globally, demand for energy has shot up, as China and other major economies bounce back from the pandemic. In Europe, a cold winter and frigid spring depleted gas reserves, while a long spell of still days reduced wind power supply to the grid. Meanwhile, CO2 prices hit a record 62 this month and Russia, a big exporter, has declined to increase gas supplies. Now, across the continent, energy prices are only going in one direction: up.