More damage from EU energy policy

 

Not really a blog post, but too long for a Tweet: At a briefing in the Strasbourg parliament yesterday, we heard that German chemicals business BASF was halving its investment plans for the EU, while planning major expansion elsewhere, including Asia.  This FT link confirms the general direction, without standing up the precise figures: http://www.ft.com/cms/s/0/c0c9b448-9e2c-11e3-95fe-00144feab7de.html

We also heard that INEOS, another chemicals major, which owns the Grangemouth facility in Scotland, has seen profits halve in Europe, while they have tripled in the USA.

And the linking theme?  EU climate and energy policy, leading to hopelessly uncompetitive energy prices in Europe.  They set out to save the planet, but all they’re doing is destroying the economy.

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3 Responses to More damage from EU energy policy

  1. limogerry says:

    While they fiddle…

  2. neilfutureboy says:

    Grangemouth in Fife is staying open purely because Ineos have arranged to import US shale gas so that they can process it. The SNP are introducing more regulation to absolutely prevent any drilling for the shale gas which is available in Fife.

    If the current SNP had been in power when oil was found in the 1970s there would be no question of who should get the profits, as it would never have been drilled for.

  3. David says:

    So, another winner from eussr, just like the CFP, CAP, and pretty much any other scheme they ever come up with, brilliant stuff.

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