The BASF factory in Ludwigshafen Foto: Xaver Lockau / BASF SE
OilPrice.com: Europe May See Forced De-Industrialization As Result Of Energy Crisis
European industries including ferroalloys, fertilizer plants and specialty chemicals are shutting down as a result of the ongoing energy crisis.
Certain industries may not come back, even if the energy crisis eases. An increasingly tight regulatory environment is another reason for de-industrialization in Europe.
The European Union has been quietly celebrating a consistent decline in gas and electricity consumption this year amid record-breaking prices, a cutoff of much of the Russian gas supply, and a liquidity crisis in the energy market.
Yet the cause for celebration is dubious: businesses are not just curbing their energy use and continuing on a business-as-usual basis. They are shutting down factories, downsizing, or relocating. Europe may well be on the way to deindustrialization.
Read more ....
Update: Energy crisis chips away at Europe's industrial might (Reuters)
WNU Editor: The next three years are projected to be very grim .... Europe facing gas insecurity, 'uncontrolled deindustrialization' through 2025 (SPGlobal).
3 comments:
"Europe May See Forced De-Industrialization As Result Of Energy Crisis"
That's a feature. Not a glitch.
And Greta von Thunberg will rule them all from her castle.
Exactly it is a feature!
Dude where's my sovereignty
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