Europe’s industry is set to lose further competitiveness as high energy prices, rising natural gas prices, and concerns about gas supply this winter are increasing uncertainty about factory utilization amid rising costs. European benchmark natural gas prices are hovering around a one-year high hit last month as cold snaps in November dashed hopes and prayers of a third relatively mild winter in a row.
This winter could inflict more pain on industries relying on natural gas and force curtailments in production, analysts and industry executives have told Reuters. The much higher energy costs in Europe are putting its industries at a disadvantage compared to the U.S., Asia, or the Middle East. For example, the current Dutch hub price is almost five times higher than the benchmark U.S. natural gas price at Henry Hub.
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