Policymakers will not be able to protect consumers from the most extreme impacts of a natural-gas shortage: sky high bills and potential blackouts loom
are at record highs too. These give the holder the right to emit an amount of greenhouse gases. Because burning coal emits more than burning natural gas, expensive carbon permits add even more to the price.
Another factor is the wind—or lack of it. About a tenth of Europe’s power is generated by the wind. In some countries, including Germany and Britain, the share is twice that. Recently, however, the air has been unusually still. In Germany, for example, during the first two weeks of September wind-power generation was 50% below its five-year average, says Roy Manuell of ICIS, a research firm.on gas and wind.
Analysts expect prices to remain elevated throughout the winter, when demand for heating and power peaks. That is bad news for European consumers, who will bear much of the cost. Some countries are already trying to protect them. In Spain the cabinet passed emergency measures to put a limit on the price of gas and the profits of utility companies. Italy’s government is reviewing how electricity bills are calculated.
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