The Economics Behind Europe’s Energy Rebound

In the fall of last year, things were looking beyond grim for the European energy market. Coming on the heels of extreme energy market volatility caused by the enduring Covid-19 pandemic, Europe’s single-biggest energy trade partnership collapsed. When Russia – which was providing about 40% of the European Union’s natural gas at the time – illegally invaded Ukraine, energy markets quickly descended into chaos. In the immediate wake of the invasion last February, Europe strongly and vocally condemned Russia’s…