www.zerohedge.com By Tyler Durden
Years of mindless green energy policies across the European continent are about to unleash an economic crisis. Energy-intensive companies are paying “unbearably high energy prices” that may force them to shutter operations.
Eleven European associations (from steel to fertilizers to cement to paper mills) published a press release Wednesday that warned the energy crisis that plagues the continent has worsened over the few months and accelerated in the last several days as European natural gas hit a record high on Tuesday.
“The main reasons for this situation are the financial market speculation from financial players including hedge funds and commodity trading houses, the imbalances in the gas market, seasonally decreased renewable energy production, reduced nuclear energy production, coal mine closures, and increased carbon costs passed on in electricity prices,” the eleven associations said in a press release.
