Europe is getting some much-needed relief in the midst of its energy crisis. Although energy prices are still high, a warm October and a surge in liquified gas imports brought spot prices down from record levels and gas storage to near full capacity. A worst-case supply crisis has been averted — for now.

But tensions are still high. Fears over Russian sabotage of North Sea pipelines are causing concerns about cuts to remaining gas supplies. Impending winter weather and a coming embargo on Russian oil are adding uncertainty to an already volatile market. European households and businesses will still see prices for natural gas and electricity well above average. 

Has Europe seen the worst of its energy crisis? What are the options for EU leaders to manage the energy crisis during the frigid winter months? How will further measures to pressure Russia economically affect the European economy?

This week host Jason Bordoff talks with Anne-Sophie Corbeau and Tatiana Mitrova about the winter outlook and the options for managing the energy supply. This conversation was recorded on October 14, 2022. 

Anne-Sophie is a global research scholar at the Center on Global Energy Policy at Columbia University’s School of International and Public Affairs.

Tatiana is a research fellow at the Center on Global Energy Policy.