Hannah grace raskin series#

Hannah grace raskin series#

The result of the EU’s centrally-managed approach has been a series of layoffs and cutbacks, and high prices have led European families to switch off appliances and stockpile firewood to cut down on energy costs.Ĭountries are scrambling for short-term relief. The result of these centrally managed policy decisions has been a weakened energy infrastructure, unfit to adequately or efficiently respond to shocks like Russia’s invasion of Ukraine and subsequent gas supply restriction.Īs a major Heritage Foundation report notes, “The result of such a politically designed and centrally regulated energy sector is a more fragile system where points of failure, instead of being an inconvenience, are catastrophic.”įor Europe, the current energy crisis is teetering on that ledge. At the same time, countries across the EU have committed to phasing out coal and nuclear energy. In 2021, renewable energy (i.e., wind, solar, biofuels, and hydropower) only accounted for 14% of the EU’s electricity mix, nuclear accounted for 10%, and conventional fuels (i.e., natural gas, oil, and coal) accounted for 76%.ĭuring the past decade alone, Europe has cut its domestic natural gas production in half, relying on imports, chiefly from Russia, to fulfill 80% of its total gas needs. While Russia’s invasion of Ukraine undoubtedly contributed to Europe’s current energy nightmare, the reality is that the European Union has been instituting policies for quite some time that have left the region energy vulnerable.įor years, European policymakers have mandated a rapid transition to unreliable renewable energy as a means for electricity generation. With businesses and industries all over the continent reeling, and with high energy prices contributing to a potential recession, it begs the question: How did Europe get in this situation in the first place? This includes job cuts in its “ non-production” sectors (i.e., IT, communications, and research and development). To achieve this objective, the company intends to reduce business operations by 10% annually, or about $500 million, through 2024. As a result, the company just announced plans to downsize its European operations permanently. German multinational chemical producer BASF is also altering its business plans to shield itself from future shocks.īecause of the inflated price of energy, the world’s largest chemical company spent an additional $2 billion on European natural gas in the first nine months of 2022. The companies, ranging from a large vehicle textile manufacturer to a small candy company, each declared the high cost of energy as a reason for their financial woes. Just earlier this month, four German companies, all over a century old, filed for insolvency or bankruptcy within the same 24-hour period. The crisis has crippled industries across almost every sector of the economy. Of Europe’s current energy crisis, Arc’s CEO Nicholas Holder notes, “It’s the most dramatic situation we have ever encountered … For energy-intensive businesses like ours, it’s crippling.”Īrc International is not the only one. The company is a major employer in Northern France but was forced to lay off over 4,000 employees to stay afloat. In Western Europe, French glass company Arc International has made significant cutbacks due to rising energy prices. Skyrocketing energy prices are causing companies of all types across the region to cut thousands of jobs, dramatically roll back production, and in some instances, halt business altogether. Europe’s energy crisis is becoming an economic crisis.