Been on a run of green energy failures lately. Here is an in-depth article on how Europe's blind pursuit of mythical green energy has completely crippled them, economically. Just another reason why so many climate blowhards are now abandoning it although it took AI's ascension to give them cover to do so.
https://www.wsj.com/business/energy-oil/europes-green-energy-rush-slashed-emissionsand-crippled-the-economy-e65a1a07?st=DHDfrj&reflink=desktopwebshare_permalink
Totally expected outcome that anyone with a brain saw coming:
Europe is going to miss out on AI growth because they don't have affordable nor reliable energy:
O&G is bailing:
Meanwhile, the EU continues to double down on energy suicide in many cases:
Citizens now having to ration energy in winter:
Much more in the article.
https://www.wsj.com/business/energy-oil/europes-green-energy-rush-slashed-emissionsand-crippled-the-economy-e65a1a07?st=DHDfrj&reflink=desktopwebshare_permalink
Totally expected outcome that anyone with a brain saw coming:
Quote:
Europe has succeeded in slashing carbon emissions more than any other regionby 30% from 2005 levels, compared with a 17% drop for the U.S. But along the way, the rush to renewables has helped drive up electricity prices in much of the continent.
Germany now has the highest domestic electricity prices in the developed world, while the U.K. has the highest industrial electricity rates, according to a basket of 28 major economies analyzed by the International Energy Agency. Italy isn't far behind. Average electricity prices for heavy industries in the European Union remain roughly twice those in the U.S. and 50% above China. Energy prices have also grown more volatile as the share of renewables increased.
Europe is going to miss out on AI growth because they don't have affordable nor reliable energy:
Quote:
It is crippling industry and hobbling Europe's ability to attract key economic drivers like artificial intelligence, which requires cheap and abundant electricity.
In Ireland, the state grid operator imposed an effective moratorium on new data centerswhich underpin cloud computing and AIuntil 2028, after existing data centers drained over a fifth of the country's electricity supply last year.
Jerome Evans, the CEO of a German data-center operator, sought to expand his two data centers in Frankfurt, Germany's internet crossroads. The local power provider told him he would have to wait a decade, until 2035, for the energy to power them.
O&G is bailing:
Quote:
British chemical company Ineos said in October it would close two plants in western Germany because of high energy costs. In recent days, Exxon-Mobil said it would close its chemical plant in Scotland and threatened to exit Europe's chemicals industry, saying green policies made it uncompetitive.
Meanwhile, the EU continues to double down on energy suicide in many cases:
Quote:
Britain, which pioneered the use of coal for energy, last year became the first large industrialized country to shut all of its coal-fired power plants. It has also banned new offshore oil-and-gas drilling.
Denmark plans to eliminate gas for home heating by 2035.
Around one-fifth of Germany's municipal utilities plan to shut down their gas networks in coming years, according to an October survey by the utilities' trade association.
The effect was to cut back on a major source of energy before any other is fully up and running.
Citizens now having to ration energy in winter:
Quote:
Polls show half of British consumers are planning to ration energy use this winter as they struggle with wholesale electricity costs that are 80% higher than the U.S.
Much more in the article.
