Here's a thought experiment. It's the middle of winter and you can't afford to pay for both heat and electricity. Which do you stop using first? The lights? The stove? The furnace?

This is the real life choice people in the UK and parts of Europe will have to make this winter, and in the years ahead. Fallout from Russia’s invasion of Ukraine and other economic pressures have driven up the price of fuel for homes and businesses alike. Earlier this year, the UK braced for shortages and  planned for possible rolling power outages. Governments across Europe have rolled out fuel price supports to try to keep millions of households from falling into what’s called “fuel poverty.” And the problem won’t stop there. People everywhere, including the US, will face rising prices and uncertainty as nations compete for affordable, reliable energy.

To sort out what’s happening, Rachel Morison joins this episode. She leads Bloomberg’s energy coverage in the UK and across Europe. 

And Rosalind Mathieson, who oversees Bloomberg’s government coverage, stops in to look at the broader impact across the globe.

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Have questions or comments for Wes and the team? Reach us at bigtake@bloomberg.net.