Oddbean new post about login | logout @43d7c4ea I thought this was "by design": rather than operating our own gas storage, we sell gas to the Continent in the summer and buy it back in winter - presumably because somebody once added it up and worked out that this way is cheaper. I wonder how Brexit has affected that economic decision?
@4d168cdc It also represents a (perhaps misplaced) notion that national suppliers abroad, will always treat all market players equally... actually what we saw last winter was (not unsurprisingly) when reserves were low, national use was privileged over market contracting exports.... its free market ideology trumping strategic energy concerns (which now looks a little short sighted)
@43d7c4ea How odd that in a free market, people will look after their own interests before those of others... </sarcasm>
@4d168cdc Its more the character of those interests that economists sometimes get wrong... they think all interest is priced in, whereas especially in national #energy markets, issues around national energy security 'distort' the market; this is, of course no surprise to political economists... it what we would expect... the free market ideologues get angry, however, that the market is not being allowed to 'work'!