Energy prices have surged following Russia’s invasion of Ukraine and Europe has been particularly badly impacted, given its dependence on Russian gas. Moreover, the Inflation Reduction Act which carries about $370 billion in subsidies and credits for clean energy investment in the United States, was signed into law by President Joe Biden in mid-August. There is likely to be a split government in the U.S., with the GOP winning a majority in the House of Representatives following the recent mid-term elections, although the Senate should remain under the control of Democrats.