Last year brought the highest energy prices ever to Europe where the cost of delivery has risen over 200 percent in Germany, France, Spain and the United Kingdom.
In Scandinavia where vast supplies of hydro power tend to cap prices, energy costs have surged even higher by a whopping 470 percent compared to last year.
The average European consumer rode into 2022 with significantly higher energy bills as a result. Businesses are also suffering, and some are having to close up shop due to not being able to afford this new normal.
“Norsk Hydro’s majority-owned plant in Slovakia was the latest casualty, announcing on Thursday that it would further curb production.”
Despite milder-than-normal weather, energy costs are still expected to rise as time progresses. Industries are also being told they should brace for tighter supplies in January and beyond when about 30 percent of the French nuclear fleet will be offline.
As if energy costs alone were not already bad enough, the Brussels climate agenda is exacerbating the problem with surging pollution permit prices.
Carbon futures more than doubled in 2021 to about 80 euros ($90.5 USD) per metric ton in 2021, which is driving up electricity costs all across the continent.
Back in early December, rising energy costs in Europe were blamed on cold weather, but even after the weather eased up a bit the prices kept on soaring.
“Look at Germany’s pivot to wind and solar,” wrote another. “Now the pivot back to oil and gas. Paying five times more for wind and solar (still didn’t work) will kill all your manufacturing and cause massive inflation.”
“They’re also telling people in California not to charge their Teslas because there’s no electricity.”
Still another highlighted a litany of other affecting factors including carbon taxes, bad investments, the abandonment of the natural resource sector by governments, and faith in unpredictable renewable energy sources (i.e., wind and solar).
“There is no ‘alternative’ to fossil fuels in the near term,” wrote another. “It is expensive being green.”
“90 dollars U.S. per ton in carbon tax in order to produce electricity. Follow the carbon money and it should lead you to the one percenters, not the bikers … It’s only going to get worse worldwide. Higher prices for everything and people will struggle to pay for the basics in life.”
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