A new awareness of Europe’s energy insecurity has been unleashed. Sky-high energy prices soared again on 22 February in response to Russia’s aggression towards Ukraine, and further spiked with Germany’s consequent decision to shelve certification for a new gas pipeline between the two nations.
Owned by a subsidiary of Russia’s state-owned Gazprom, the Nord Stream 2 pipeline would have extended Europe’s energy reliance on Vladimir Putin. Russia already supplies almost 40 per cent of all Europe’s natural gas imports, and last year Gazprom held off auctioning extra gas in Europe despite high demand, helping push up prices everywhere.
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