Economic death march in Europe

“European non-ferrous metals producers may move to countries where environmental legislation is less strict unless the impact of forthcoming measures is reduced, an industry spokesman said on Thursday.

Javier Targhetta, president of Eurometaux, said the industry was concerned over high and unpredictable power costs [and] the added cost of a new emissions trading scheme (ETS) in 2013 …

Targhetta was particularly concerned over what he said was the reluctance of utilities to sell power for terms of three years or more following deregulation for heavy users in Spain last year.

“This increases long-term insecurity and leads to a halt in investment. If we carry on like this, the industry is destined to disappear,” he said.

Eurometaux estimates a new phase of the ETS could hike its power costs by an unsustainable 150-200 million euros ($221.1-294.8 million), and may prompt “carbon leakage,” or relocation to countries where emission costs are low or nil.

“Carbon will still be produced, it will still be producing the greenhouse effect, but a European plant will have been lost,” Targhetta said.” “Europe metals producers warn of relocation


One Response to “Economic death march in Europe”

  1. chris edwards Says:

    The supporters of this power grab are retarded, at best industry will relocate to less power efficient countries or will die off and the goods imported from dirty factories outside EU control, either way the same goods will cause more CO2 and sulphur to be discharged and the misery inflicted on the taxpayers will be legion, but then that is the main idea anyway.

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