Zeitenwende Meets Energiewende
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Abstract
Energy policy involves complex goal trade-offs between sustainability, affordability, and security. Germany's Energiewende long favored the first. The Zeitenwende prompted by Russia's invasion of Ukraine forced a rethinking of the long-held belief in reliable cheap gas imports, and thus the weight given to affordability and security. This article explores both the immediate crisis response and the lasting impact on broader energy policies. Contrary to widely held perceptions of deliberative decision-making, the crisis response was decisive, flexible, and (if at a high cost) largely successful. This decisiveness, however, did not feed through to tackling the structural challenges already plaguing the Energiewende before the war. 2030 policy targets increasingly appear aspirational while energy costs loom large for both households and firms.
Contributor Notes
Holger Wolf is an Associate Professor in the BMW Center for German and European Studies at Georgetown University. His research focuses on German and European economic issues and international monetary history.