‘A Mild Winter Alone Can’t Save’ Europe, Energy Crisis Accelerates Region’s Deindustrialization

Steam leaves a cooling tower of the Lichterfelde gas-fired power plant in Berlin, Germany, on Mar. 30, 2022. Michael Sohn/AP Photo

Europe’s energy crisis is now threatening to ramp up deindustrialization on the continent as many firms face persistent struggles with high energy costs.

Russia’s war against Ukraine and Moscow’s subsequent decision to cut energy supply to Europe has compromised the region’s energy security situation, pushing up fuel costs for commercial entities. Companies in Europe are now paying almost five times the price for natural gas when compared to the United States.