European Companies Move to the US to Avoid High Energy Prices
By Charles Kennedy
European industry officials and domestic consumers alike are upset with the high energy costs across the continent, even causing some to question the clean energy initiatives. Over the past few years Europe has spent tens of billions in its efforts to reduce carbon emissions; most of which has gone into clean energy sources such as wind and solar.
Fabien Roques, the head of the European power and carbon division at the energy consultancy firm IHS CERA, stated: “we embarked on a big transition to a low-carbon economy without taking into account the cost and without factoring in the competitive impact. I think there will be a critical review of some of these policies in the next few years.”
Many companies working in energy intensive industries, such as chemicals or steel, are either closing their plants down or looking to also invest in the US where energy prices are far lower.
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