The flaws in Europe’s deal to ration gas
WHEN THE energy ministers of the European Union’s member countries gathered for an emergency meeting on July 26th, the deal came swiftly. They agreed that each country should cut gas consumption by 15%, compared with their average over the past five years, between August 1st and March 31st 2023. It was a typical EU compromise, forged in long negotiations and riddled with exemptions and concessions. It will not really solve the problem at hand: how the EU should respond if Russia halts or radically reduces supplies—something that seems increasingly likely. The day before the meeting Gazprom, Russia’s state energy giant, announced that it would again reduce the volume of gas flowing through its Nord Stream 1 pipeline, to 20% of capacity.