The mistakes that led to the UK’s energy crisis
Our energy market has not looked this bleak since the Winter of Discontent in the 1970s, a period seared into the memories even of those of us that are too young to actually remember it. For the past year, the chaos has been building, with rising gas and electricity prices, scores of failing suppliers, subsidies for just about every part of the market, and the prospect of, if not blackouts, then energy rationing this winter. We’re told that the market is ‘broken’, that energy companies are ripping us off with profit maximising behaviours, that price formation in the wholesale markets is ‘frankly ludicrous’, and that Putin’s evil war in Ukraine
