The energy crises often tend to be politicized; however, their multi-dimensional nature calls for a closer look at winners and losers. Europe increasingly sees natural gas as a transition fuel as a ‘greener’ energy. However, the gas crisis is now forcing Europe to reopen the coal mines back up to counter the gas deficit and creating a renaissance of the coal industry and a major step back in energy transition efforts. What are the root causes of the gas crisis in Europe, and how resource-rich Central Asian and Caucasus countries are attempting to grasp this opportunity? How to choose between energy security/sovereignty vs. energy transition priorities in an energy crisis? How can the government ensure that the gas industry is attractive to businesses so that the ‘invisible hand’ of Adam Smith regulates this market efficiently?
