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Winter is Coming Episode 4 | Mark Lewis, Head of Climate Research, Andurand Capital

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Carbon Prices and the Russian Invasion of Ukraine

Russia's invasion of Ukraine has led, you said it yourself, to a weaponization of gas by Putin and the Russian government. It's really been gas that's been driving power prices and to some extent carbon prices. The main priority over the whole of the summer was really to stock up storage levels ahead of the winter. And I think with the news that we are already ahead of target in Germany and Europe for the storage level ahead of winter, that's been received positively. But beyond the no illusion, this winter is going to be very tough.

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