When Russia invaded Ukraine in February, along with the human suffering, political attention focused on soaring energy prices. With the EU having outsourced over 60% of its energy requirements, with almost 50% of this being met by Russia, EU consumers were directly in the firing line of what quickly became an energy war. Soaring natural gas, oil and coal prices have pushed energy inflation within the EU to over 39%.
As the war continues, concern now moves from just being focused on price to energy availability. Speaking at a Future of Europe event arranged by the Irish Farmers Journal last week, European Commissioner Mairead McGuinness once again warned that energy rationing could be a real possibility.