“Until now I thought we had shot ourselves in the foot,” Orban said. “Now it’s more like the European economy had shot itself in the lungs and it’s now struggling to breathe.”

Perhaps the biggest issue is that the increased use of tech has made it far easier to scam people using utilities.

The UK's gas storage capacity is tiny when compared with most of Europe. The UK has just 0.9 Bcm of gas storage relative to around 80 Bcm of annual consumption, compared with Europe which has roughly 105 Bcm of gas storage, equal to 22% of annual utilization, according to industry body Offshore Energy UK.

The European Commission has approved a €5bn French scheme to support energy-intensive companies that have been particularly hit by the recent increase in energy prices.

Many of our companies, including energy companies, are operating in Indonesia. There is interest in developing the national nuclear power industry.

Revolutions are messy things. Once underway, they get a life of their own. There is confusion and mistakes are made at the barricades. But once underway, they can’t be turned back; yesterday can’t be summoned rule tomorrow.

As energy is of national importance, a national policy, national rules and regulations are necessary. At the same time, we are facing massive changes in the energy sector.

The balance had now “tipped” in favour of an economic contraction next year in the US and Europe. “What used to be a rising risk has now turned into the base case.”

This is the third time this month that Pakistan failed to complete an LNG tender for July, and the country’s inability to purchase fuel threatens to exacerbate electricity shortages just as hotter weather boosts air conditioning and power demand.

The agreements cover a range of sectors, including renewable energy, green hydrogen, pharmaceuticals and e-commerce