{"id":43907,"date":"2024-12-23T12:02:31","date_gmt":"2024-12-23T12:02:31","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/how-high-energy-taxes-are-adding-to-industries-woes-in-europe\/"},"modified":"2024-12-23T12:02:31","modified_gmt":"2024-12-23T12:02:31","slug":"how-high-energy-taxes-are-adding-to-industries-woes-in-europe","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/how-high-energy-taxes-are-adding-to-industries-woes-in-europe\/","title":{"rendered":"How high energy taxes are adding to industries\u2019 woes in Europe?"},"content":{"rendered":"

(Originally posted on : Invezz )<\/b>
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High energy taxes are eroding the competitiveness of Europe\u2019s industries, Leonhard Birnbaum, President of the industry group Eurelectric told Reuters.\u00a0<\/p>\n

The European Union is drafting a package of measures to support struggling industries, but Birnbaum said the government should take aim at the high energy taxes. <\/p>\n

The measures to support industries are due early next year as automakers to steel firms warned of plant closures and job losses. <\/p>\n

The head of Europe\u2019s electricity lobby told Reuters that the woes of the continent\u2019s energy-intensive industries are many, including a more fragmented market than China and difficult access to credit. <\/p>\n

“We appreciate that states always need more money, but if you want to electrify then you can’t have, for example, an over-proportional tax burden on electricity compared to the tax burden on gas,” Birnbaum, who is also the CEO of German utility E.ON, told Reuters.<\/p>\n

Reuters quoted Birnbaum as saying in a report:<\/p>\n

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If we are serious about cost competitiveness, if we’re serious about electrifying, if we’re serious about decarbonising, I think we need to act on this.<\/p>\n<\/blockquote>\n

EU industries pay more power prices<\/h2>\n

Industries in the EU have to pay power prices, which are two to three times higher than those in the US, according to the report.\u00a0<\/p>\n

An analysis by the think-tank Bruegel showed that taxes made up, on average, 23% of the retail electricity price paid by industries in Europe during 2023, which are energy-intensive<\/p>\n

However, many of these taxes were imposed by national governments, and outside of the EU\u2019s control, Reuters reported. <\/p>\n

Negotiations among EU countries on a proposal to rejig EU tax rules in favor of cleaner energy sources have been stuck since 2021.<\/p>\n

According to the report, the EU will publish a plan on affordable energy prices next year. <\/p>\n

‘Limited’ help?<\/h2>\n

However, diplomats questioned what more Brussels can offer, with tax changes stalled and a recent EU power market reform still being introduced by national governments.<\/p>\n

A senior official from one EU country told Reuters that cutting taxes would provide only “limited” help, and broader measures were needed to help European industries compete with China.<\/p>\n

For instance, rules in the EU require public procurement to buy locally-made, greener products. <\/p>\n

“We have trade policy tools, we have competition policy tools…We need to see a larger context,” the senior official was quoted as saying in the Reuters report.<\/p>\n

Wholesale power prices hit their highest levels in over a year in Europe last month. <\/p>\n

However, prices remained significantly below the peak reached in 2022 after Russia invaded Ukraine and trimmed deliveries of natural gas to the EU. <\/p>\n

The post How high energy taxes are adding to industries’ woes in Europe?<\/a> appeared first on Invezz<\/a><\/p>\n

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(Originally posted on : Invezz ) High energy taxes are eroding the competitiveness of Europe\u2019s industries, Leonhard Birnbaum, President of the industry group Eurelectric told Reuters.\u00a0 The European Union is drafting a package of measures to support struggling industries, but Birnbaum said the government should take aim at the high energy taxes.  The measures to […]<\/p>\n","protected":false},"author":3947362381,"featured_media":43908,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[39],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/43907"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/3947362381"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=43907"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/43907\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/43908"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=43907"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=43907"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=43907"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}