Russia’s invasion of Ukraine has created an energy crisis in Europe and global energy markets will never be the same. The new world energy order will be defined by government intervention on a scale not seen in recent memory. European governments will have to work hard to avoid excessive government interventions in energy markets that might exacerbate the energy crises Russia’s invasion of Ukraine and the subsequent global energy crisis are spurring a profound transformation in the global energy system. About three decades ago, most European governments opened up their energy markets in a bid to foster competition and lower prices for consumers across the continent. Back then, European energy markets were dominated by monopolies that gave consumers few choices. However, by the turn of the millennium, the European Union decided to gradually open up its energy markets driven by the belief that more competition would strengthen the security […]