Energy crisis: Europe’s industry shutting down September 20,...

Energy crisis: Europe’s industry shutting down


September 20, 2022
With energy prices at decade long highs, Europe’s most energy intensive companies have begun to shut down. Dozens of plants in a diverse range of industries such as steel, aluminium, fertilisers and the power industry itself, have been forced to close shop as sky-high gas and power prices make their businesses loss-making.
The shortage of gas has already prompted talk of energy rationing crippling industry, but for the most energy intensive sectors things have already gone beyond that; costs have risen so high they are no longer profitable and have to close down.

https://www.intellinews.com/energy-crisis-europe-s-industry-shutting-down-255913/?source=poland

The closures could do long-term damage to Europe’s industrial base. In Germany, Europe’s industrial powerhouse, the most energy intensive industry are already being hit hard by unsustainable costs: energy accounts for 26% of the metallurgy industry costs; 19% of basic chemical production; 18% of glass manufacture; 17% for paper; and 15% of construction materials, according to Destatis. European carmakers have already begun hoarding windscreens in anticipation of a glass shortage in the months to come.