Citadel CEO says energy policy in the US and Europe is a ‘train wreck’

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Citadel CEO Ken Griffin slammed the United States and Europe’s energy policies last week as a “train wreck” for creating an energy supply crisis and leaving Germany too dependent on Russia for oil. 

“Where is the U.S. gonna go with energy policies? How fast is Europe going to be able to pivot away from the impacts of the war with Ukraine? What does going green mean, and in particular now that we’ve seen some of the shortcomings of policies that were out of sync with reality and the devastating impact on consumers?” Griffin wondered at the Bloomberg Intelligence Market Structure conference in New York. “Energy policy both in the U.S. and Europe has been just a train wreck for the last couple of years.”

He added that Europe is putting themselves in a fragile position.

“The Europeans had energy policies that were just not thought through. You don’t shut down your nuclear fleet when you’re going to shut down your coal fleet,” he said.

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Ken Griffin, Founder and Chief Executive Officer of Citadel, speaks during the Milken Institute Global Conference in Beverly Hills, California.

Ken Griffin, Founder and Chief Executive Officer of Citadel, speaks during the Milken Institute Global Conference in Beverly Hills, California.
(REUTERS/Lucy Nicholson)

Griffin also criticized Germany for allowing itself to become to dependent on Russia for energy. 

“Germany’s willingness to be so intertwined with Russia in terms of energy dependence was just sheer insanity. And Nordstream two was just the case study on this. Like let’s just double down on our energy dependency for Russia,” he said. 

He argued that the world is now seeing the consequences of dependence on Russian energy and said Europe is effectively funding Russia’s war with Ukraine. 

“This is just crazy. We fund the war on the one hand by buying their energy. At the same time we’re trying to impose sanctions,” the CEO said. 

Russia has funded environmental groups to push an anti-energy agenda in the U.S. and Europe. Even former Secretary of State Hillary Clinton called the organizations “phony environmental groups” in a private speech in 2014. 

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Vladimir President Vladimir Putin ordered Russia’s all-out invasion of Ukraine only eight months after TIME magazine billed President Biden as ready to take on the Russian leader. 

Vladimir President Vladimir Putin ordered Russia’s all-out invasion of Ukraine only eight months after TIME magazine billed President Biden as ready to take on the Russian leader. 
(Sputnik, Kremlin Pool Photo via AP)

In 2018, then-President Trump slammed Germany for its dependence on Russia and blocked approval for the Nord Stream 2 Pipeline. 

“I think it’s very sad when Germany makes a massive oil and gas deal with Russia, where you’re supposed to be guarding against Russia​,​ and Germany goes out and pays billions and billions of dollars a year to Russia,” Trump said. 

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“So we’re protecting Germany, we’re protecting France, we’re protecting all of these countries. And then numerous of the countries go out and make a pipeline deal with Russia where they’re paying billions of dollars into the coffers of Russia. And I think that’s very inappropriate.”

In the first months of his presidency, Biden lifted Trump’s sanctions and green lit the Nord Stream 2 Pipeline. 

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