European leaders holding a news conference in Brussels, July 2022
Yves Herman / Reuters

Europe finds itself in the middle of a perfect energy storm. Over the last several months, multiple shocks have converged, pushing the continent into what increasingly looks like the worst energy crisis it has ever experienced. The effects of COVID-19, Russia’s invasion of Ukraine, and unexpected problems with domestic electricity production have upended Europe’s energy market. As a result, Europe might not have enough energy to meet anticipated demand this winter. Several European countries might need to significantly curtail their use of gas in the industrial sector to keep households warm.

This energy crisis represents Europe’s greatest

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