If electricity becomes a scarce commodity, it is important to note who’s on top of the situation and who’s not. Here is the answer and how it plays into my portfolio thoughts.
Developments through 2022 have exposed the interlink between macro, geopolitics and markets. We see a risk of a (semi)permanent European GDP-shock due to a lack of energy.
European electricity markets are completely out of sync with fundamentals and we have spent most of this week understanding why – here is our take-away!