Europe's Energy Crisis

Inside Briefing with the Institute for Government

Institute for Government

News, Politics, Government

4.6 • 252 Ratings

🗓️ 28 September 2022

⏱️ 47 minutes

🔗️ Recording | iTunes | RSS

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Summary

With winter fast approaching, politicians across Europe have been taking dramatic steps to address the ongoing energy crisis. The IfG team are joined by Alice Hancock from the FT and Elisabetta Cornago from the Centre for European Reform to assess different countries’ responses. Is Europe ready for the winter ahead? Why is the UK’s support package so expensive? Are the public up for cutting their energy use? And what should countries be doing to tackle the crisis in the longer term? Presented by Tom Sasse with Olly Bartrum Produced by Candice McKenzie https://www.cer.eu/insights/eus-energy-plan-difficult-winter-what-are-options https://www.bruegel.org/dataset/national-policies-shield-consumers-rising-energy-prices https://www.instituteforgovernment.org.uk/sites/default/files/publications/tackling-energy-efficiency-problem.pdf https://www.instituteforgovernment.org.uk/sites/default/files/publications/Addressing-rising-energy-bills_0.pdf Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	Hello and welcome to this Institute for Government podcast on Europe's energy crisis.
0:15.7	My name is Tom Sass. I lead the IFG's work on Net Zero.
0:19.7	So with winter approaching, policymakers have been reaching for some dramatic policy interventions
0:25.1	in recent weeks in response to the ongoing energy crisis.
0:29.2	Ersler von der Leyen, the European Commission President, has proposed a big plan to cut electricity
0:33.9	demand and extracts in windfall profits.
0:37.1	Liz Truss' new government has announced the plan which includes a proposal to freeze prices for two years.
0:42.3	Looking across the continent, we've seen a full gamut of approaches, including cash transfers, tax cuts, price freezes,
0:49.3	windfall taxes and efforts to curb demand. Most countries are now spending somewhere between 1 and 4% of GDP
0:57.7	propping up their energy systems and the crisis looks a long way from being over. Responding to
1:04.1	it is not only proved expensive but also complex. So there's been a lot of discussion about the
1:09.1	trade-offs between more or less targeted
1:11.8	approaches, the importance of price signals, how to pay for these huge interventions, and of course
1:17.8	their impact on inflation, which the Bank of England has just weighed in on in the UK today.
1:24.0	But what can we say so far about how well different approaches are working?
1:28.3	The countries across Europe, including the UK, have a sufficient plan for this winter and the next one,
1:33.3	with prices forecast to remain high, and how could we be better prepared in future?
1:39.3	To discuss all that, I'm joined by some top experts.
1:43.3	Elizabeth Cornago is a Senior Research fellow at the Centre for European Reform.
1:48.6	Alice Hancock is EU correspondent at the FT with a focus on energy and climate.
1:54.2	And Olly Bartram is a senior economist here at the IFG.
1:58.2	Elizabeth, can I start with you?
	...

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