In their Energy Market Crisis: A UK Perspective report published in April this year, Chamber Patrons, BiU, reflected on how the UK retail energy market was broken and the current turbulence was an unfortunate, but real, “new norm”. Fast forward to summer ‘22 and the market is still broken, in fact – it’s rapidly got worse in a very short period of time.
Europe and many countries across the globe are finding themselves in a deep energy crisis with energy supplies tighter than they have been in decades and prices skyrocketing, a situation compounded by slowing economic growth and the threat of a full-blown recession.
European governments must work towards a resolution that avoids excessive intervention in energy markets which might exacerbate the energy crisis. The consequences of Russia’s invasion of Ukraine have created a security of energy supply stress test that has stimulated UK and European Government intervention not seen in recent memory.
Download BiU’s full ‘Energy Market Crisis’ report, HERE.