{"id":352893,"date":"2024-11-30T15:39:58","date_gmt":"2024-11-30T14:39:58","guid":{"rendered":"https:\/\/climatescience.press\/?p=352893"},"modified":"2024-11-30T15:40:00","modified_gmt":"2024-11-30T14:40:00","slug":"high-energy-costs-continue-to-plague-european-industry","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=352893","title":{"rendered":"High Energy Costs Continue to Plague European Industry"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

<\/p>\n\n\n\n

From OilPrice.com<\/a><\/p>\n\n\n\n

By\u00a0Tsvetana Paraskova<\/a><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Europe is losing and will continue to lose competitiveness and jobs if it doesn\u2019t tackle its high energy costs compared to other regions, Morten Wierod, chief executive of Switzerland-based engineering giant ABB, told Bloomberg<\/a>.<\/p>\n\n\n\n

\u201cThe cost for energy intense industries like chemical, steel production, cement is a challenge, and investments will go elsewhere than Europe if this continues,\u201d Wierod told Bloomberg in an interview published on Tuesday.<\/p>\n\n\n\n

This predicament would hinder job creation in Europe, which, the executive said, \u201cis a clear concern.\u201d Bureaucracy is also weighing on the industry and job creation, Wierod said.<\/p>\n\n\n\n

Major European companies are already moving to cut costs and retain their competitive edge.<\/p>\n\n\n\n

For example, Thyssenkrupp, Germany\u2019s largest steelmaker, said<\/a> on Monday it would slash 11,000 jobs in its steel division by 2030, in a major corporate reshuffle.<\/p>\n\n\n\n

\u201cUrgent measures are needed to improve Thyssenkrupp Steel’s own productivity and operating efficiency, and to achieve a competitive cost level,\u201d the German industrial giant said.<\/p>\n\n\n\n

As Europe is bracing for the winter, wholesale electricity prices have jumped in November to the highest level in 20 months<\/a>, additionally burdening the key industries in major economies that had just started to recover from the 2022 energy crisis.<\/p>\n\n\n\n

The highest spot-based electricity prices in Europe since February 2023 threaten industrial production in key economies and loom large over business sentiment.<\/p>\n\n\n\n

Earlier this month, falling wind power generation tightened power markets<\/a> in Europe, with electricity prices in Germany hitting their highest since the peak of the energy crisis in 2022.<\/p>\n\n\n\n

The rising energy costs threaten major European economies, just as Germany, the biggest economy in Europe, narrowly avoided a recession<\/a> in the third quarter of the year. Eurozone GDP grew by 0.4%<\/a> in the third quarter, Eurostat\u2019s flash estimate showed earlier this month. That was higher than expected as the two top economies, those of Germany and France, outperformed forecasts.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Europe is losing and will continue to lose competitiveness and jobs if it doesn\u2019t tackle its high energy costs compared to other regions, Morten Wierod, chief executive of Switzerland-based engineering giant ABB, told\u00a0Bloomberg.<\/p>\n

\u201cThe cost for energy intense industries like chemical, steel production, cement is a challenge, and investments will go elsewhere than Europe if this continues,\u201d Wierod told Bloomberg in an interview published on Tuesday.<\/p>\n","protected":false},"author":121246920,"featured_media":352897,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[691831761,691824468,691831762],"class_list":{"0":"post-352893","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-uncategorized","8":"tag-energy-intense-industries","9":"tag-high-energy-costs","10":"tag-thyssenkrupp-steel","12":"fallback-thumbnail"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/11\/0power-tariff-1024x576-1.jpg?fit=1024%2C576&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/paxLW1-1tNP","jetpack-related-posts":[{"id":220412,"url":"https:\/\/climatescience.press\/?p=220412","url_meta":{"origin":352893,"position":0},"title":"Germany\u2019s \u201cTenfold Increase in Gas and Electricity Prices\u201d Is Driving Out Industry","author":"uwe.roland.gross","date":"24\/09\/2022","format":false,"excerpt":"What leaves once, will not come again. 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