{"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":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_jetpack_feature_clip_id":0,"_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":["post-352893","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-energy-intense-industries","tag-high-energy-costs","tag-thyssenkrupp-steel","fallback-thumbnail"],"jetpack_publicize_connections":[],"jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/paxLW1-1tNP","jetpack-related-posts":[{"id":245102,"url":"https:\/\/climatescience.press\/?p=245102","url_meta":{"origin":352893,"position":0},"title":"Shifting the cost of Net Zero from industry to households is unjust and ineffective","author":"uwe.roland.gross","date":"02\/23\/2023","format":false,"excerpt":"Net Zero Watch today condemned this so-called \u201cHouseholds Payment Mechanism\u201d as deeply unfair to consumers, but utterly inadequate as help to industry.","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/02\/image-660.png?fit=1140%2C598&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/02\/image-660.png?fit=1140%2C598&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/02\/image-660.png?fit=1140%2C598&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/02\/image-660.png?fit=1140%2C598&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/02\/image-660.png?fit=1140%2C598&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":412944,"url":"https:\/\/climatescience.press\/?p=412944","url_meta":{"origin":352893,"position":1},"title":"\u201cExistential Crisis\u201d: German Chancellor Demands Tariff Protection for Industry Hit by High Energy Prices","author":"uwe.roland.gross","date":"11\/12\/2025","format":false,"excerpt":"Germany\u2019s steel industry is facing an \u201cexistential crisis\u201d, Chancellor Friedrich Merz warned, as he signalled a shift toward greater economic self-reliance in Europe. 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