24 May '13, 2pm

Rising Energy Dependency Endangers Europe’s Economy

The issue of energy may have been overshadowed by that of tax at yesterday’s EU summit of Heads of State in Brussels, but its growing importance and impact on Europe’s economy is one that cannot be ignored. As the Financial Times reported on Tuesday, Europeans are paying a lot for their energy – prices are 37% higher than those in the US and 20% higher than those in Japan. Why? Largely because we import an incredibly high share of expensive fossil fuels. What’s worse is that this dependence – and hence impact on prices – is growing. Herman van Rompuy, President of the European Council, has said that by 2035 over 80% of our energy will be imported, posing a threat to Europe’s competitiveness and endangering its economy. Taking a look at the evolution of fossil fuel prices over the last three years shows how strong this threat is – the EU’s import bill has gone up by €200 bi...

Full article: http://www.renewableenergyworld.com/rea/blog/post/2013/05...

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