For years, the U.S. warned Germany of building up a dangerous energy dependence on Russia, the source of more than half of its fossil fuel imports. Now that the war in Ukraine has shocked Berlin into the same conclusion, the government is finding that changing course might be too late.
Europe’s largest economy is facing up to the prospect that the bulk of its natural gas and coal supplies could get choked off, ripping through its industrial base and sparking economic upheaval. Companies including utility Uniper SE and chemical giant BASF SE are particularly exposed, and with gas reserves low, the pain would quickly spread to manufacturers and households already buckling under ever-rising bills.
