The focus of the Ukraine crisis has shifted in recent weeks away from the Crimean peninsula and onto Russia's seemingly parallel strategy to destabilize the Kiev regime through military threat in the east of the country and economic pressure by a near doubling of the price it charges Ukraine for its gas.
This mini-energy crisis is set to escalate, as the Russian gas pipelines to Ukraine are essentially a transit network to the West, notably Germany and Italy. Any interruption in supplies will have an impact beyond Ukraine.
We've been here before, of course. However, since Russia last cut off supplies to its neighbour, back in 2009, the EU has spent huge sums reinforcing interconnector links across Europe.
By reconfiguring flows of gas between countries, the EU now hopes to be in better shape to cope if Russia decides to turn off the tap again, at least in the short term (although the Baltic countries remain vulnerable).
However, the Ukraine crisis has made the challenge of weaning itself off Russian gas, and to diversify sources of supply, a major priority for the EU.
Much has been made of the potential offered by shale gas as a new source of supply, but fracking is not universally accepted across Europe, and where it is, the exploration and development of shale reserves is in its infancy.
More likely perhaps is the prospect of increased Liquid Natural Gas (LNG) imports, including in time from the US east coast, with eight EU countries now boasting LNG import terminals, including the UK.
But gas is not just important for energy security.
On Sunday 13th April, the UN Intergovernmental Panel on Climate Change published the third and final instalment of its fifth Assessment Report.
The first instalment, released last year, focused on the physical science of climate change, and stated with increased certainty that climate change is happening, and that it is the result of mankind's greenhouse gas emissions.
The second part, which looked at the impacts of climate change and the need for adaptation, came at a timely moment here in the UK, arriving last month at a time when many of us were drying out after an unprecedented winter of storms and floods.
All three instalments of this 5th Assessment Report will be brought together in a Synthesis Report, to be published in October, which will inform the next round of global climate talks in Lima, Peru, in December.
In this week's final instalment, covering mitigation, the scientists warn that climate emissions have soared in the last decade, but on a positive note, state that rapid action can still limit global temperature rises to 2°C.
The report's central thrust is that the transformation from reliance on fossil fuels to a world of clean energy is affordable and can be done without wrecking the world economy.
But notably, the scientists concede there is a place for gas in the medium term, as a less polluting fuel to displace coal. Good news for Russia, then.
However, the report is also clear about the role that must be played by renewable energy in this transformation to a cleaner energy world, and that gas should only be seen as a transition fuel source, albeit a vital one.
Surely we can now hope to see a consensus emerging here in the UK that embraces renewables, alongside gas and nuclear, as part of a diverse energy mix which presents an opportunity to build on economic growth.
If an example were needed, look no further than the announcement last month by engineering giant Siemens confirming its plans to build major wind turbine production and installation facilities on the banks of the Humber.
According to Siemens, the two sites, which will be operational in 2016 to meet the needs of the UK's large offshore wind schemes, will create 1,000 jobs.
In a nice "coast to coast" rivalry that Wainwright would have enjoyed, Cumbria and its self-proclaimed "Energy Coast" will be joined on the UK's energy map by the Humber, which is well on the way to become the UK's "Energy Estuary"; somewhat fitting given the vulnerability of the East Coast of Yorkshire to rising tides and coastal erosion.
But investment in the UK energy sector is fraught with political risk.
Quite apart from the implications for UK energy policy of a yes vote in the Scottish independence referendum, and a UK general election in 12 months' time (- Ed Milliband has vowed to scrap energy regulator Ofgem), we've seen the political football get kicked around lately on the sensitive subject of energy prices.
Matters came to a head last month when Ofgem announced its intention to refer the energy markets to the Competition and Markets Authority.
An investigation could take upwards of 24 months, and comes at a critical time for the UK energy sector. We are approaching implementation of the government's Electricity Market Reform programme, which will see a new form of subsidy support for renewables, including nuclear, as well as a capacity mechanism to help deliver sufficient generation capacity to keep the lights on.
On the retail side, energy suppliers have already been subject to intense scrutiny as licence changes have taken effect to help improve switching levels and protect consumers as part of Ofgem's Retail Market Review launched way back in 2010 - not to mention the mandated roll out of smart metering.
Now, on top of all of this, we're faced with the prospect of structural reform and the potential break-up of the Big Six.
With the UN's climate scientists slowly but surely building a consensus on what is happening to our climate and why, and importantly what needs to be done, and with the global economy gradually emerging from the doldrums, perhaps the vision of a world of clean energy is no longer a pipe dream?
If so, the UK will increasingly be competing on a global stage for "green" inward investment.
It takes a brave investor to see through the political fog of uncertainty that we've managed to create for ourselves and to nonetheless regard the UK as a good punt, so hats off to Siemens.
