Electrifying Ambitions Meet Tough Reality in Europe

European Union leaders are among the most enthusiastic proponents of maximum electrification to reduce dependence on imported energy commodities. A lot of EU policy pursues precisely that. Yet EU electricity prices last week surged to over 600 euros per MWh on a wind drought, and the bloc still gets over 70% of its final energy consumption from hydrocarbons. Electrification is much easier said than done. In July this year, the European Commission released a plan to turn Europe into the first “el

Source: OilPrice.com