Trudeau and Scholz need to face up to hard truths on energy security
released by the Prime Minister’s Office explains that “Canada and Germany have a long history of collaborating to advance the development of a clean economy and this visit will be an opportunity to formally deepen this collaboration.” The two leaders are expected to sign an agreement to explore the production of green hydrogen in Newfoundland for export to Germany.Mr. Trudeau nor Mr. Scholz is very popular with voters these days. But of the two, Mr. Scholz has far bigger problems.
The strategy looked feasible, for a while. Cheap Russian gas fuelled Germany’s manufacturing sector, the engine of the domestic economy. By early this year, Russia supplied 55 per cent of Germany’s gas and was poised to increase that proportion further with the completion of the Nord Stream 2 pipeline.
German baseload power prices have increased six-fold in the past year, with futures contracts for 2023 deliveryabove €500 per megawatt-hour. Factories face gas rationing and consumers face skyrocketing heating bills this winter. Mr. Scholz announced plans this week to cut the value-added tax on natural gas, but the move will not make much of a difference.
imported from outside Europe. His government is firing up mothballed coal plants and is expected to postpone the closing of Germany’s three remaining nuclear reactors. But those moves will not be enough.
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