Brussels fears European ‘industrial massacre’ sparked by energy costs

Engineering Evil

Europe’s industry is being ravaged by exorbitant energy costs and an over-valued euro, blighting efforts to reverse years of global manufacturing decline.

Europe's industry is being ravaged by exorbitant energy costs and an over-valued euro, blighting efforts to reverse years of global manufacturing decline.
Mr Tajani warned that Europe’s quixotic dash for renewables was pushing electricity costs to untenable levels, leaving Europe struggling to compete as America’s shale revolution cuts US natural gas prices by 80pc. Photo: © Alamy
Ambrose Evans-Pritchard

By Ambrose Evans-Pritchard, in Cernobbio, Italy

9:07PM BST 08 Sep 2013

“We face a systemic industrial massacre,” said Antonio Tajani, the European industry commissioner.

Mr Tajani warned that Europe’s quixotic dash for renewables was pushing electricity costs to untenable levels, leaving Europe struggling to compete as America’s shale revolution cuts US natural gas prices by 80pc.

“I am in favour of a green agenda, but we can’t be religious about this. We need a new energy policy. We have to stop pretending, because we can’t sacrifice Europe’s industry for climate goals that are…

View original post 450 more words