Business
Three Years After Ukraine Invasion, Europe Still Deals With Energy Crisis
At a newly built dock along Germany’s Elbe River, tankers from the United States unload liquefied natural gas to fuel factories and homes. In central Spain, a forest of wind turbines planted atop mountains helps power the energy grid. In French government buildings, thermostats have been lowered in winter to save electricity.
In the three years since Russia’s invasion of Ukraine ignited an energy crisis across Europe, the continent has transformed how it generates and stores power. Russian natural gas, long Europe’s energy lifeline, has been replaced with other sources, notably liquefied natural gas from the United States. Wind and solar power generation has leaped around 50 percent since 2021. New nuclear power plants are being planned across the continent.
But Europe’s energy security remains fragile. The region produces far less natural gas than it consumes and is still largely dependent on other countries, especially the United States, to help keep the lights on. Natural gas, which drives the price of electricity, is roughly four times as expensive as in the United States. High energy costs have strained households and forced factories to close, weakening Europe’s economy.
A dependence on Russia
The 2022 invasion of Ukraine revealed Europe’s dependence on energy from Russia, especially natural gas, which accounts for around 20 percent of Europe’s energy consumption.
“The energy appeared cheap, but it exposed us to blackmail,” Ursula von der Leyen, president of the European Commission, the European Union’s executive arm, told the World Economic Forum last month.
Prices soared in 2022 on worries that Russia would completely cut off gas flows into Europe as well as other factors. Countries banded together to share fuel and other energy sources, and build or modify infrastructure to transport it. These efforts are forecast to have reduced Europe’s reliance on Russian gas to 8 percent of supplies in 2025, from 35 percent in 2021, according to Anna Galtsova, an analyst at S&P Global Commodity Insights, a research firm.
Norway is now the largest supplier of gas, mainly through a web of pipelines. But Russia has become a large supplier of liquefied natural gas, second only to the United States in 2024.
And Europe has become better at directing the energy to where it is needed, creating “a tremendous amount of flexibility that Europe didn’t have on the eve of the war,” said Anatol Feygin, chief commercial officer at Cheniere Energy, a large American L.N.G. exporter.
Helping that pivot were programs that encouraged households and government buildings to lower thermostats to 19 degrees Celsius (66 degrees Fahrenheit). Factories across Europe also curbed production to avoid blistering energy bills. Other initiatives, like having stores shut off lights early in the evening, have been rolled out.
Renewable energy solutions
Europe built more renewable energy projects to help bridge the gap. Before Russia’s invasion, around a third of Europe’s power generation came from renewable energy, propelled by a buildup of wind and solar power. In 2024, wind and solar farms generated more electrical power than fossil fuels for the first time, according to S&P Global Commodity Insights.
“That is a big change, and that speaks to the additional policy push to get alternative sources of energy into the system,” said Tim Gould, chief energy economist at the International Energy Agency in Paris.
But shifting to renewable energy is costly. Although overall energy prices have declined from their 2022 peaks, both gas and electricity tariffs remain elevated. Renewable sources like wind and solar have made great progress, but much investment is still needed to fill in the gaps in periods of low wind and sun.
Large polluters like steel makers have said Europe is not doing enough to foster a shift to greener operations. “European policy, energy and market environments have not moved in a favorable direction,” ArcelorMittal, Europe’s largest steel company, said in November.
Global competition for gas
The largest alternative to gas piped in from Russia by far has been liquefied natural gas, but it is a relatively expensive option. With gas vital for industry, heating and power generation, the shift away from Russian supplies has been difficult.
Europe is at the mercy of global markets, bidding against the likes of China and South Korea for liquefied natural gas. Prices have recently soared to the highest level in a year, hurting businesses and adding to a cost-of-living crisis in Europe.
The largest source of liquefied natural gas has been the United States, mostly terminals from the Gulf Coast, which provide nearly half of Europe’s supply. Europe has seen a boom in setting up terminals to receive L.N.G., especially in Germany, which had none before the energy crisis.
During a cold snap in January, several American tankers carrying liquefied natural gas to Asia changed course for Europe, where they could make a bigger profit, said Natasha Fielding, head of European gas pricing at Argus Media, a London research firm.
“Europe has made really remarkable strides,” said David L. Goldwyn, who was a State Department energy envoy during the Clinton and Obama administrations. “But when the weather turns cold and competition from Asia for L.N.G. increases, the situation looks more challenging.”
Gas prices remain high
Natural gas prices in Europe have fallen from the punishing highs of 2022, but in 2024, they were still double their five-year average before the war, according to the International Energy Agency.
Although imports of Russian gas through Europe’s pipelines have plummeted, Europe has expanded its purchases of liquefied natural gas from Russia, which arrives via port. There has not been enough time to develop new resources like L.N.G. to compensate for the loss of Russian gas.
The ebbs and flows of L.N.G. are largely determined by market forces. President Trump has pushed Europe to import more fuel from the United States, and Ms. von der Leyen has suggested that L.N.G. from the United States could replace Russian fuel.
Some level of additional gas exports to Europe from Russia could be included as a sweetener for President Vladimir V. Putin of Russia to agree to a settlement in Ukraine, analysts say. “That would be a serious negative for U.S. energy exporters,” Mr. Goldwyn said.
The cost of the energy crisis
Exorbitant gas costs contributed to soaring inflation and led factories that employed thousands in Europe to close or relocate to countries with cheaper energy.
Some of the biggest European names are trimming their operations. The German chemical giant BASF said it would close some production at its site in Ludwigshafen near the border with France, while making the largest foreign investment in its history in China, where energy is up to two-thirds cheaper than in Europe.
High natural gas prices have translated into higher costs for making ammonia, a crucial component in fertilizers. Yara International, a fertilizer giant based in Norway, is stopping ammonia production at its plant in Tertre, Belgium, potentially leading to more than 100 job losses. “High energy prices are a huge challenge for European competitiveness,” a spokeswoman said.
The energy crisis has also led to a painful cost-of-living crisis for families across Europe. Energy poverty has jumped in Europe, with nearly 10 percent of the population reporting that it is unable to keep its homes warm, and larger numbers of households falling behind on paying their energy bills.
“We’ve created a state of energy precariousness,” said Niki Vouzas, spokeswoman for the National Federation of Rural Families in France. “People are heating their house less, and filling up the gas tank less.”
An uphill battle
Recent months have brought renewed signs of market unease. The colder weather has caused Europe to draw down the levels of storage it builds up for the winter at a faster rate than the previous year, leading to worries that rebuilding these stocks over the summer may be expensive.
“The challenge will be this summer to replenish the reserves ahead of the following winter,” Ms. Fielding of Argus said.
Despite the premium prices of recent years, Europe’s overall gas production has declined. Higher taxes have deterred investment in the British North Sea while the Netherlands is shutting the once prolific Groningen field after production triggered earthquakes. Domestic output in the European Union and Britain amounted to less than 20 percent of consumption in 2024, S&P Global Commodity Insights estimates.
Austria’s OMV is one of the rare companies aiming to increase gas production in Europe. The only way to make Europe’s energy costs competitive with other regions like the United States “is to increase supplies of gas” said Alfred Stern, OMV’s chief executive.
“We are past peak crisis,” said Michael Stoppard, global gas strategy lead at S&P Global Commodity Insights. “But we are not out of the woods.”
Business
FKA twigs sues ex-boyfriend Shia LaBeouf over ‘unlawful’ NDA
Singer-songwriter FKA twigs is suing her ex-boyfriend, actor Shia LaBeouf, claiming that he is trying to “silence” her from speaking out against sexual abuse through the use of an “unlawful” nondisclosure agreement.
The complaint, filed in Los Angeles Superior Court on Wednesday, seeks a court order to prohibit LeBeouf from enforcing sections of an NDA which Tahliah Barnett — the Grammy Award-winning singer’s legal name — says violates California law.
“Shia LaBeouf has tried to control Tahliah Barnett for the better part of a decade,” the filing states.
“This action was taken in response to Mr. LaBeouf’s attempt to bully and intimidate twigs through a frivolous and unlawful secret arbitration he filed against her in December in which he sought to extract money from her,” said the singer’s attorney Mathew Rosengart, national co-chair of media & entertainment litigation at Greenberg Traurig in Century City, in a statement.
Rosengart added that twigs “refuses to be bullied anymore. She is instead standing up for herself and other survivors of sexual abuse who have improperly been silenced. This is the unusual case that is not about money but about justice and upholding and enforcing California law and policy designed to protect survivors by nullifying illegal NDAs.”
LaBeouf’s attorney Shawn Holley of Kinsella Holley Iser Kump Steinsapir denied the claims.
“When Ms. Barnett and Mr. LaBeouf both decided to resolve their differences and move on with their lives, no one forced her or ‘bullied’ her to stay silent,” Holley said in a statement.
“As a woman with agency, she decided to settle the case and accepted money to dismiss her lawsuit.”
The suit arises out of litigation that Barnett brought against LaBeouf in 2020, when she accused the actor of “physical, sexual, and mental abuse” during their relationship,” as well as “knowingly infect[ing]” Barnett with a sexually transmitted disease.” That case was settled last year.
In a response to the suit, the actor told the New York Times that “many of these allegations are not true.”
But he added, “I am not in the position to defend any of my actions. I owe these women the opportunity to air their statements publicly and accept accountability for those things I have done.”
In the statement Thursday, Holley added that the claim of sexual battery “was disputed, as were the other claims made in Ms. Barnett’s lawsuit.”
Shia LaBeouf poses for photographers upon arrival at the premiere of the film “The Phoenician Scheme” at the 78th annual Cannes Film Festival May 18, 2025.
(Lewis Joly / Invision / AP)
According to the new lawsuit, LaBeouf filed a secret arbitration complaint and “improperly sought exorbitant monies” from Barnett last December, claiming she had breached their agreement by violating its nondisclosure provisions after she gave an interview to the Hollywood Reporter in October.
In the interview, Barnett was asked if she felt safe and answered that as a woman of color in the entertainment industry, she “wouldn’t feel safe” and discussed her involvement with organizations that support survivors, saying, “I think it’s less about me at this point and more about looking forward. Just, you know, moving on with my life.”
The agreement Barnett reached with LaBeouf “contained a deficient and unlawful NDA that is unenforceable,” under California’s Stand Together Against Non-Disclosure Act, according to the complaint. The law forbids NDAs from being used to silence victims of sexual misconduct.
“As the California Legislature has made clear, survivors should have the right to tell their stories without fear or coercion, and California law does not and must not allow abusers and bullies to silence them through secret agreements containing unconscionable, unlawful gag orders,” the complaint states.
The lawsuit further alleges that while LaBeouf has sought to prohibit Barnett from talking about her abuse, he has “repeatedly brought up his relationship with Ms. Barnett—on his own and without being directly asked about her—materially breaching the very confidentiality provisions that he had just contended were fully enforceable against Ms. Barnett.”
While the actor agreed to drop the arbitration in February, he has “refused to acknowledge, however, that the NDA provisions are illegal and unenforceable,” the filing states.
The latest round in LaBeouf’s legal battle with Barnett comes just weeks after a New Orleans judge ordered the actor to begin substance abuse treatment and undergo weekly drug testing after he was arrested on suspicion of assaulting two men in the city’s French Quarter. LaBeouf was also required to post $100,000 bond as part of the conditions of his release. He was charged with two counts of simple battery, the Associated Press reported.
Business
Warner shareholders to vote on Paramount takeover
Warner Bros. Discovery shareholders will soon render a verdict on Hollywood’s biggest merger in nearly a decade.
Warner has set an April 23 special meeting of stockholders to vote on the company’s proposed sale, for $31-a-share, to the Larry Ellison family’s Paramount Skydance.
The $111-billion deal is expected to reshape the entertainment industry by combining two historic film studios, dozens of prominent TV networks, including CBS, HBO, HGTV and Comedy Central, streaming services and two news organizations, CNN and CBS News. The tie-up would give Paramount such beloved characters as Batman, Wile E. Coyote, and Harry Potter, television shows including “Hacks,” and “The Pitt,” and a rich vault of movies that includes “Casablanca,” and “One Battle After Another.”
The $31-a-share offer represents a 63% increase over Paramount Chairman David Ellison’s initial $19-a-share proposal for the company in mid-September, and a 147% premium over Warner’s stock’s trading levels prior to news of Ellison’s interest.
“This transaction is the culmination of the Board’s robust process to unlock the full value of our world-class portfolio,” Warner Bros. Discovery Chief Executive David Zaslav said Thursday in a statement. “We are working closely with Paramount to close the transaction and deliver its benefits to all stakeholders.”
Paramount hopes to finalize the takeover by September. It has been working to secure the blessing of government regulators in the U.S. and abroad.
Should those regulatory deliberations stretch beyond September, Paramount will pay shareholders a so-called “ticking fee” — an extra 25 cents a share for every 90-day-period until the deal closes.
The transaction will leave the combined company with nearly $80-billion in debt, a sum that experts say will lead to significant cost cuts.
Paramount Skydance Chairman and CEO David Ellison attends President Trump’s State of the Union address three days before clinching his hard-fought Warner Bros. Discovery deal.
(Mark Schiefelbein / Associated Press)
For weeks it appeared that Netflix would scoop up Warner Bros.
Netflix initially won the bidding war in early December with a $27.75 offer for the studios and streaming services, including HBO Max. But Ellison refused to throw in the towel. He and his team continued to lobby shareholders, politicians and Warner board members, insisting their deal for the entire company, including the cable channels, was superior and they had a more certain path to win regulatory approval.
The Ellison family is close to President Trump. This week, Trump named Larry Ellison to a proposed White House council on technology issues, including artificial intelligence.
Warner’s board, under pressure, reopened the bidding in late February to allow Paramount to make its case. Warner board members ultimately concluded that Paramount’s bid topped the one from Netflix and the streamer bowed out. Paramount paid a $2.8-billion termination fee to Netflix and signed the merger agreement on Feb. 27.
Warner’s board is advising its shareholders to approve the Paramount deal. Failure to cast a vote will be the same as a no-vote, according to the company’s proxy.
Warner’s largest shareholders include the Vanguard Group, BlackRock, Inc. and State Street Corp.
Zaslav has significant stock and options holdings, worth about $517 million at the deal’s close, according to the proxy.
The regulatory filing also disclosed that a mysterious bidder had surfaced at the auction’s 11th hour.
A firm called Nobelis Capital, Pte., reportedly based in Singapore, alerted Warner on Feb. 18 that it was willing to pay $32.50 a share in cash.
The firm said it had placed $7.5 billion into an escrow account. However, Warner’s bankers “could not find the purported deposit at J.P. Morgan,” according to the proxy. And there was no evidence that Nobelis had any assets or any “equity or debt financing” lined up, Warner said, adding that it “took no further action with respect to the Nobelis proposal.”
Business
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