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The central energy of our time

Fernando M. Ferreira, Editor-in-chief

Energy has long been treated as a technical, almost bureaucratic matter, reserved for specialists, regulators, and ministers of the economy. People speak of wholesale markets, regulated tariffs, strategic reserves, interconnections, and climate transition targets as though all of this existed on a plane separate from ordinary life.

But that illusion is over. Today, the price of energy has become one of the most sensitive issues in contemporary societies because it directly affects what sustains daily life: the ability to live with a minimum of material stability.

When energy becomes more expensive, it is not only electricity bills or fuel prices that rise. The cost of almost everything goes up. Transport, food, industrial production, heating, cooling, logistics, services: energy runs through the entire economy, and any shock to its price quickly reaches family life. What at first glance may seem like a market fluctuation turns into a very concrete experience of losing control.

That is what makes energy a central issue of our time. Not only because of its impact on household budgets, but because of the kind of vulnerability it exposes. When heating a home, filling up a car, or paying the monthly bill become permanent sources of anxiety, it becomes clear that energy was never just a commodity. It is a basic condition for the functioning of modern societies. And all too often, societies only begin to discuss energy seriously once the crisis has already entered the home.

At heart, energy reveals a simple but often forgotten truth: contemporary societies rest on invisible infrastructures that only become visible when they fail or become more expensive

At heart, energy reveals a simple but often forgotten truth: contemporary societies rest on invisible infrastructures that only become visible when they fail or become more expensive. It is at that moment that one realises how prosperity, social cohesion, and even everyday normality depend on something as basic as being able to switch on a light, heat a home, or set a vehicle in motion without that becoming a constant source of alarm.

That is why the price of energy has ceased to be merely an economic variable. It has become a test of the resilience of contemporary societies and of their ability to preserve stability in an increasingly volatile world.

The war blocking the Strait of Hormuz is far more than a regional episode. Roughly one fifth of the oil and liquefied natural gas transported by sea passes through it; the blockages and disruptions are already forcing producers to seek alternative routes, putting pressure on prices, and reactivating emergency measures.

If the situation worsens or drags on, the impact will be brutal: it will be felt in household bills, transport, prices, and the collective anxiety of societies that continue to discover, in the hardest possible way, how dependent they are on safe, affordable, and stable energy.

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