Phasing out natural gas can lead to dramatic price volatility

Phasing out cleaner and more value-producing natural gas too early can lead to dramatic price volatility, causing similar energy security and affordability crises to those felt in the wake of the invasion of Ukraine. Price instability can be an additional incentive to decouple the energy system from uncertain fuel markets, adopt renewable alternatives, and ultimately advance the energy transition—but, in the near term, volatility can reverse progress.