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Sun May 13, 2012, 05:26 PM

US ahead of Europe on energy policy [View all]

Source: Financial Times

Europe’s manufacturers are rapidly losing ground to US rivals because of soaring energy costs and the failure of the continent’s governments to be “rational” about nuclear power and shale gas, the head of one of the world’s biggest chemicals groups has warned.

In an interview with the Financial Times, Jean-Pierre Clamadieu, the new chief executive of Franco-Belgian Solvay, accused Germany, France and Belgium of acting in isolation on nuclear and gas policy and failing to come up with a coherent strategy to keep Europe’s companies competitive.

“There is very little European co-ordination,” he said, warning that energy costs should be ranked alongside the eurozone crisis as the most urgent problem confronting industry.

Natural gas in the US is three times cheaper than in Europe because of its decision to exploit shale gas through the environmentally-controversial process of “fracking” – the high-pressure injection of water and chemicals to free up trapped gas.

Read more: http://liveweb.archive.org/http://www.ft.com/cms/s/0/45afd57a-9abf-11e1-9c98-00144feabdc0.html

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