The point is, the Europeans want to do the right thing so that | Alex Berenson

The point is, the Europeans want to do the right thing so that the Chinese and Indians can do more of the wrong thing. They need to set an example.

So they’ve cut way back on their coal mining and coal-fired electricity production.

Weirdly, they also don’t like nuclear energy. It emits zero carbon, but it’s mean to the uranium atoms or something, I dunno. In any case, Germany - Europe’s biggest economy - closed three nuclear plants in December and will close the three it has left before the end of 2022.

Which means that Europe has (intentionally) left itself increasingly dependent on the remaining two forms of energy, natural gas and renewables, to make electricity.

Now I’m going to let you in on a little secret about Europe. Don’t tell anyone, especially not Greta. Europe is pretty far north. Berlin is further north than Calgary, for example. Which means that during the winter - like now, say - Germany can’t rely on all those cool solar farms that get guys like Thomas Friedman excited.

Which means, work with me here, that Germany and Europe generally depend very heavily on natural gas for their electricity.

Now, it’s possible to ship natural gas around the world in cold storage on tankers. It’s possible. But it’s not that much fun. Liquified natural gas isn’t quite like oil. Bad things can happen to it if it’s disturbed. You know how your heating oil tank is in the basement but the propane cylinders stay outside? Just in case? Multiply that by a ship a thousand feet long.

Thus pipelines are the preferred way to move natural gas. Pipelines over land, or under water (but not oceans). Pipelines from a country reasonably close by.

Lucky for Europe, Russia has natural gas to spare. It provides about 35 percent of all of Europe’s natural gas, and that figure was about to increase as a new pipeline called Nord Stream 2 opened up.

35 percent is a lot - especially when your customers have gone out of their way to increase their dependence on you. Europe simply has no substitute for Russian natural gas in the short- or medium-term - meaning not months but years.

The Russians have already taken advantage of this fact. Since last year they have undersupplied their European customers. Natural gas prices have soared. Now electricity prices are about to follow them far higher. (5/8)