Russia's war on Ukraine isn't the only reason for Europe's energy crisis — EU policy and extreme weather also haven't helped.
Below, I break down the other variables contributing to Europe's perfect storm.
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1. Pieces of the crisis were in place even before Russia invaded Ukraine. And Russia's weaponization of energy has $4 over recent months.
Natural gas is becoming $4, with Dutch TTF futures more than 1,000% higher than a year ago, and more pain could come as Russia's Gazprom shutters Nord Stream 1 this week.
Electricity costs, too, have soared.
"Last week Europe awoke to a bitter truth: $4," Bank of America analyst wrote Monday.
Now, EU nations are scrambling to find alternative resources, with coal in particular $4.
The move marks a reversal for Europe, as it had been $4 due to climate initiatives.
"Before the war, Europe had wanted to be a leader in decarbonizing, and that's worked out to a certain extent with wind and solar, $4 to place significant reliance on Russia," portfolio manager Rob Thummel told me.
He added that, after years of underinvesting, coal is now harder to access and more expensive.
Nonetheless, Europe has little choice other than to $4 because that offers a faster solution than trying to build out brand new LNG facilities, he said, adding that it'll likely take the continent several years to build up the infrastructure to get out of the crisis.
On top of all that, $4 for Europe, too.
Extreme heat waves have led to declining river levels, which $4 and other key supplies.
What's more, less river water means $4, and less capacity to ramp up nuclear operations, according to Bank of America.
"With the war in Ukraine becoming increasingly entrenched, the European energy crisis seems to have $4," BofA said.
Are there any other factors you think are contributing to Europe's energy crisis? Email prosen@insider.com or tweet $4
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Curated by Phil Rosen in New York. (Feedback or tips? Email prosen@insider.com or tweet @philrosenn>$4).
Edited by Max Adams (@maxradams>$4) in New York and Hallam Bullock (@hallam_bullock>$4) in London.