Europe’s energy taxes are worsening industry woes, power CEO says

Governments hunting for ways to aid Europe’s struggling industries should take aim at the continent’s high energy taxes, which are eroding competitiveness, the head of Europe’s electricity lobby told Reuters. The European Union is drafting a package of measures to support flagging industries, due early next year, as manufacturing giants from automakers to steel firms warn of plant closures and thousands of job losses. Leonhard Birnbaum, President of industry group Eurelectric, said the woes of Europe’s energy-intensive industries are many, including a more fragmented market than China and difficult access to credit – but that policymakers seeking to offer fast relief should “rip out” from energy prices any costs unrelated to the industry’s structure.Read More