Skip to comments.Eon chief warns of US energy advantage (renewables costing EU)
Posted on 03/13/2014 3:58:56 PM PDT by digger48
The head of Germanys largest utility has warned it will be years before Europe can hope to counter the USs growing advantage in energy costs and predicts that the disparity will meanwhile lead heavy industry to abandon the continent.
There is a competitive advantage for America that we cannot prevent, at least for some time, Mr Teyssen told the Financial Times. He said it was a dream for politicians to suggest otherwise. It will take years and long years of innovation before we can start to shrink it, he added.
A priority for utilities is to rein in generous subsidies for renewable energy that have underwritten a boom in solar and wind power across the continent. Mr Teyssen blamed such support schemes along with laws in Germany and other member states that prioritise renewables for distorting the market. One consequence is that Eon has been forced to mothball gas-fired plants that are efficient but no longer profitable.
We are feeding a giant with baby nutrition, missing the point that this giant can and needs to walk on its own feet now, Mr Teyssen said of renewables.
(Excerpt) Read more at nicosiamoneynews.com ...
Leave it to American Democrats to continue to push a proven failure.
Boo hoo hoo Euroweenies, frack you.