Europe gets lucky with a mild and windy winter

Back-to-back mild winters in 2022/23 and again in 2023/24 have reduced heating demand for both gas and electricity and allowed the region to amass record gas inventories. — Reuters

WITH only a few more weeks left in the heating season, Europe is on course to end the winter with a record amount of gas in storage, sending prices sliding and dispelling fears about energy security.

But before policymakers congratulate themselves on successfully managing the crisis caused by Russia’s invasion of Ukraine, they should recognise they have been exceptionally lucky with the weather.