EU’s High Energy Costs to Persist in Net Zero Plans, Lobby Says
- Bloc’s prices may triple those of US, China if policies stall
- BusinessEurope warns that EU may need to tweak its carbon levy
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The European Union will still have higher power prices than the US and China under its best-case net zero scenario because of growing demand and inherent disadvantages, the bloc’s business lobby said.
A study commissioned by BusinessEurope said the EU’s electricity generation costs will still be at least 50% higher than in those nations through to 2050 under a “managed scenario,” where climate goals are met without major hiccups. A “frustrated transition,” where key policies suffer delays beyond mid-century, could see costs as much as three times higher than in those main rivals.