The Coming Energy Shocks under a Biden Administration

There is a view that suggests that now that Joe Biden has (most likely) won the US presidential election, a modicum of pragmatism will prevail as the Democrats’ excessive campaign promises face the cold light of day and as the real costs of policy decisions become apparent. Furthermore, one would have to note that there are limits as to what even a US Presidency – the world’s most powerful executive office — can do within constitutional limits. There is the likelihood that the US Senate will remain Republican and hence provide a check on the more extreme pledges made in the name of ‘net zero’ emissions in the power sector by 2035 and in the entire economy by 2050.