Imported Materials Are Manageable, Imported Energy Reprices Economies - CleanTechnica

The article from CleanTechnica argues that the 2022 European energy crisis was not primarily caused by general import dependence or shortages of industrial feedstocks, but by reliance on an imported energy carrier—natural gas—that occupied a marginal role in electricity and heat markets. Because gas set marginal prices, its price spikes cascaded through electricity markets, household heating, industrial energy costs, and ultimately the broader economy, triggering inflation and fiscal interventions. Unlike feedstocks such as iron or ammonia, energy carriers like gas affect nearly all economic activities simultaneously, making their price volatility macroeconomically significant. The crisis demonstrated that even when gas supplied only a minority share of electricity generation, its marginal pricing role caused widespread price shocks. Governments had to intervene with price caps and subsidies to prevent social and industrial collapse. This context is critical when evaluating hydrogen as a future energy source. If hydrogen is used as a marginal fuel for power or industrial heat, its price will similarly influence overall electricity prices, regardless of volume consumed. Although green hydrogen