Final Word from Wednesday, September 10, 2025

European natural-gas prices that were wholesaling at around €17 per MWh in 2019 are now about €33. An analysis by BCG found that a price of €60 would cause the margins of energy-intensive companies to turn negative, with the result that production would no longer be worthwhile. SKW Piesteritz chemicals of eastern Germany told Handelsblatt that a price of €60 is realistic and that the EU's Methane Emission Act could lead to a halt in gas exports to the EU because of reporting requirements that are viewed unfavorably by gas-producing countries (such as Qatar). Handelsblatt didn't mention that SKW is 100% owned by Andrej Babiš's Agrofert. That company doesn't break out individual results for SKW but has indicated in the past that it is key to Agrofert's financial health. This means that voters can probably believe Babiš when he says he wants to destroy the Green Deal entirely, permanently and without compromise. It also means the higher the gas price, the more his incentive to do so. [ Czech Republic Boston Consulting Group Stickstoffwerke Deutschland European Union Emissions ]