Europe's energy debacle

 Vijay Jayaraj:

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Europeans are now paying a heavy price for the blunders of their climate-woke leaders.  On August 11, the French one-year forward price for baseload electricity was 602 euros per megawatt-hour (MWh), which is more than 1,000 percent above its 2010–2020 decadal average of 45 euros per MWh.  The average for 2021 was just 60 euros.  What we are witnessing in France is an unprecedented and dangerous increase in price with no end in sight.

According to Javier Blas, energy and commodity columnist at Bloomberg, the "French base and peak load prices ... are reaching stratospheric levels."  The outlook for winter is bleak.  Blas says, "For December, baseload French power is trading above 1,000 euros, almost double German prices, while peak load power — typically in the evenings when families gather for dinner and the heating is on — is changing hands at more than 2,000 euros."

Germany's situation is not at all different.  The prices are rising rapidly, and Berlin seems to be content allowing the market to shift its dependence from gas to oil.  But uncertainty still looms as high diesel use may cause a supply crunch.

Skyrocketing prices in Germany and France will spill into the E.U. energy market, along with an overall energy crunch.  France, Germany, and others could have easily averted this situation by not demonizing carbon dioxide, a harmless gas necessary for life.

Now, those once vaunted as green champions are seeming to beg forgiveness from coal plants, as one would wishing the return of a spurned lover.  In 2018, the French president boasted of his country being coal-free by 2021.  By January 2022, the French had restarted coal plants due to an energy shortage.  According to france24, the country may use its coal plants in the coming winter as the outlook for energy supplies is bleak.

In July, the European Commission proposed that "all EU countries should cut their gas use from August to March by 15 percent.  The target would initially be voluntary but would become mandatory if the Commission declared an emergency."  The call to reduce gas use amid an energy crisis is insane, and even so-called green champions are beginning to realize this.  France has opposed the proposal.  Others like Germany, the Netherlands, and Austria have announced that they will make greater use of coal and gas in the coming months.

But have E.U. leaders acted too late?  The winter of 2022–23 is shaping to be a wake-up call for the world to the foolishness — and dangers — of the climate agenda.

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Taking the advice of Big Green has its negative consequences. 

See, also:

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