Some European companies producing fertilizers, steel and other important goods for the global economy are moving their production sites to the US due to high energy prices in the EU. Thus, the American economy turned out to be one of the main beneficiaries of the energy crisis in Europe. The Wall Street Journal.
The article says the US has introduced a range of green energy and manufacturing incentives as persistent supply chain problems and wild energy price fluctuations threaten Europe with what some economists say could be a new era of deindustrialization.
The US, Canada and Qatar will not be able to quickly replace the Russian Federation as the main supplier of liquefied natural gas for the European market. In this case, the increase in the cost of gas in Europe will last at least until 2024. This situation could lead to even more negative consequences for the EU industrial sector, media writes.
At the same time, large European companies are still cautious about the idea of relocating production to the States due to obvious difficulties. The implementation of large-scale projects can take several years and cost billions of dollars.
Experts believe that by the end of 2022 electricity in Europe will rise in price by 15 times. According to the Nord Pool exchange, in January 2022, the average cost of electricity in Europe did not exceed €90 per MWh. In December 2022, it may well reach €1,500.