The cost of switching off Russian gas keeps on rising

As steel, copper and aluminium prices reach record highs, the EU’s blueprint to triple wind and solar capacity, which will require about 52 million tons of steel alone, is under threat

Before the invasion of Ukraine, Russian gas was relatively cheap, easy to transport and in ample supply.

Europe’s ambitious timetable for building its way out of a dependence on Russian energy faces potential delays and billions of euros in extra costs as the war in Ukraine makes steel, copper and aluminum scarce and more expensive.

A rush to replace Russian fossil fuels is prompting the continent to focus on shoring up flows of liquefied natural gas (LNG) in the near term and increasing generation from renewable sources by 2030. Germany pledges to build two LNG terminals, France wants to resume talks with Spain about a connecting pipeline, and the UK seeks more homegrown wind, solar and nuclear power.