Not surprisingly, this amazing story is currently No.1 in the FT’s most-read list.
As I read this story, my mind switched to the energy crisis in Europe. Because of green influence dominating the EU and in major countries, like Germany and France, fracking has been rejected. Also there is far from a consensus on nuclear energy. Meanwhile, with no effective energy strategy from the European Commission, the outgoing European Energy Commissioner is desperately trying to broker a deal between Russia and Ukraine to get Russian gas flowing to Europe this winter.
Even in the UK, where fracking has been accepted by the government, it is deeply unpopular.
Meanwhile, I currently live in Cyprus. Although Israel and Cyprus have large offshore gas reserves, there is currently no plan to get this gas to Europe. Gas from the East Mediterranean would counter Russia’s current monopoly situation but that seems to be outside the remit of the European Commission.
I worry deeply that Europe has lost the plot on energy policy. Rather than creating an effective energy strategy, which assures cost effective supply and a balanced approached to the the environment, the European Commission is almost exclusively focused on green issues.
Let me ask an open question:
Is Germany’s government responsible for Europe’s absence of an effective energy strategy?