Europe Faces Massive Losses As Industries Turn To China | Energy Crisis Just Got Worse!

Europe Faces Massive Losses As Industries Turn To China | Energy Crisis Just Got Worse! #europe #energy #crisis The winds of change that were expected to propel the EU towards energy independence are now, ironically, running into their obstacles. The wind industry, eager for government support, finds itself grappling with unforeseen financial burdens, as costs spiral out of control. The EU is trying to figure out how to deal with a hard energy situation. It’s a complex situation. Can it solve the problems and take charge of its energy in the future? Or does it have to depend on China for renewable energy? Stay with us as we uncover the EU’s energy problems, what it means to rely on China, and what options it has. If You Like This Video; Like, Share, Comment And Subscribe. This Means A Lot To Us! Thanks For Watching Our Video; Europe Faces Massive Losses As Industries Turn To China | Energy Crisis Just Got Worse! Experts say that the energy crisis in Europe continues to loom large. According to Leonhard Birnbaum, CEO of , who recently shared insights on Bloomberg, the structural shifts caused by the conflict and the reduction in Russian gas supply have left the crisis unresolved. While the specter of a repeat of last winter’s crisis has diminished, as indicated by the forward market trends, there remains a noteworthy concern. The cost-effectiveness of energy resource deliveries via tankers to Europe is notably lower compared to the pipeline gas supply from Russia. This leads to the anticipation of gradual gas price hikes in Europe over the long term. Germany has also decided to cease imports of Russian energy resources. The Druzhba oil pipeline no longer serves as a conduit for Russian oil to Germany, and significant actions have rendered three out of the four Nord Stream gas pipeline strings non-operational. Resulting in a halt of Russian pipeline gas flow to the country. As Europe navigates these intricate energy challenges, the effects of the Ukrainian conflict and the disruption of gas supplies cast a shadow that seems unlikely to dissipate soon. The complicated relationship between how countries act and the energy they have keeps affecting how energy looks in the continent. Remember back in June, when the big boss at Ørsted, the Danish wind turbine giant, was asking for more support? Well, that was just the tip of the windmill blade. Siemens Gamesa, part of Siemens Energy, started sending out smoke signals about how their wind turbines were acting all dodgy, causing some performance issues. And not too long ago, Swedish Vattenfall was turned down because costs went through the roof and the whole thing was just not worth it. The costs, tech glitches, and supply chain hiccups teamed up to give the wind industry a serious headache. But wind, just like solar, was sold as this budget-friendly superhero of energy, but turns out, it needs to pay its own bills too. Mads Nipper, the head at Ørsted, said that the government wasn’t sending them enough support. See, the UK government was hooking up wind developers with fixed prices for the power they’d generate in the future. All good, right? Well, not so fast. Costs for wind power have been doing the back and forth, jumping up by like 20% to 40% since February 2022, according to the Financial Times. Those fixed prices the gov promised? Not enough to keep these guys in the green. And guess what? Ørsted’s Nipper was totally onto something. Just a month later, Vattenfall was also out of the game. They had this Norfolk Boreas project, but the costs shot up like a rocket by 40%, making it totally not worth the investment. Vattenfall’s CEO, Anna Borg, was like all about that ROI, and this project just ain’t cutting it anymore. Meanwhile, Siemens Energy said that they got this. They have stated that their wind turbine game’s will weather this storm. But they were totally off the mark. The parent company, Siemens Energy, went on to report a massive loss, over $3 billion in the latest quarter, and they’re looking at a full-year loss of about $5 billion. So, the wind industry’s got a bit of a pickle on its hands. Soaring costs on one side and some serious turbine troubles on the other. Their go-to solution? A little extra love from the government and maybe some higher electricity bills to keep their projects afloat. BP, the big oil player, just dropped a bombshell. They’re diving into the Irish Sea with not one, but two offshore wind projects. And get this, they’re doing it without any government handouts. But BP, being the oil giant it is, has been rolling in the dough thanks to those pricier oil and gas sales. They’ve got the bucks to throw into offshore wind without batting an eye. Even if they end up in the red financially, they’re still coming out smelling like roses with some sweet green points. More Details In The Video