Plugged In: the energy news podcast A fresh energy crisis?
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Mar 12, 2026 Cillian O’Donoghue, Policy Director at Eurelectric, a specialist in electricity market design and decarbonisation policy. He explains why recent price volatility differs from 2022. Short takes cover Brussels’ policy options, risks to industry from high electricity costs, whether market interventions would harm the internal market, and how electrification and stable regulation shape investment.
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EU Prepares Targeted Gas Price Measures
- The European Commission signals it will prepare targeted measures like gas price subsidies or a gas price cap ahead of an EU leaders meeting next week.
- Fatima Sadouki reported the Commission repeated there are no immediate supply shortages but is focused on shielding industry from price impacts after the Iran war shocks markets.
2026 Price Spike Is Volatile Not Catastrophic
- Prices have spiked and become volatile but are far below 2022 extremes; traders expect at most a 30–50% rise rather than the 2022 tenfold surge.
- Cillian O’Donoghue noted TTF has risen sharply in days, but systemic scale differs because Europe now imports far less Russian gas.
Aluminium Smelters Face Massive Cost Sensitivity
- The metals sector is highly exposed to electricity costs: a €1/MWh rise can cost an aluminium smelter about €2 million.
- Adina Georgescu described how 2022 wiped half of Europe's primary aluminium production and firms still feel vulnerable to new cost shocks.