Whereas energy contracts with Western customers typically incorporate ‘failure-to-deliver’ penalties of up to 100 per cent – recall the owners of frozen Texan wind farms being required to buy power at sky-high prices on the spot market to meet the delivery terms of hedges – Pakistan’s contracts evidently contained a cancellation penalty of only 30 per cent – ‘most likely’, Stapczynski and Mangi conjectured, ‘in exchange for lower prices’. The reporters estimated that in the summer of 2022, the price at which natural gas could be sold in Europe was more than 150 per cent higher than the price
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