Governments Can No Longer Afford To Leave Energy Security To Market Forces

Russia’s invasion of Ukraine and the subsequent global energy crisis are spurring a profound transformation in the global energy system.    About three decades ago, most European governments opened up their energy markets in a bid to foster competition and lower prices for consumers across the continent.

Back then, European energy markets were dominated by monopolies that gave consumers few choices. However, by the turn of the millennium, the European Union decided to gradually open up its energy markets driven by the belief that…