Three decades ago, Europe decided to open up its energy markets to foster competition, a move meant to bring lower prices for consumers across the continent.
Fast forward to 2022, and bills have ballooned while once rock-solid utilities are struggling to stay afloat. As a result, governments are realizing they can’t leave energy security solely in the hands of markets. Berlin is in talks to bail out Uniper SE, France is considering nationalizing Electricite de France SA, while Britain has brought gas and electricity provider Bulb Energy Ltd. under its control.
