Inflation jumped to a new all-time high of 8.9% in July, sparking a cost-of-living crisis in Europe for the 19 countries bound by the euro, fueled by rising energy costs.
Since Russia has been steadily providing less gas to Europe in response to Western sanctions, according to Al Jazeera. Small companies and restaurants are calling on the government to step in and assist them with rising energy bills, which rose by as much as 400% in 2021.
The Nord Stream 1 pipeline — while offline right now, with no resumption date — sends just 20% of what it is capable of to Europe; some fear that Russia will turn off gas flows completely this winter.
Goldman Sachs estimates the increase in energy costs in Europe between 2021 and 2023 could increase by 2 trillion euros.
Liz Truss, the newly appointed prime minister in the U.K. is expected to announce a 90-billion-euro plan to cap energy costs for households in England, Scotland and Wales.
The Solar Backdrop In Europe: That might not be sufficient for many European families. Europeans are rushing to install solar power systems in their homes and businesses, as there is no indication that the energy crisis will end soon. Solar companies across the continent are of course benefitting from the dilemma.
“We’ve done more business in the first six months of 2022 in Germany than we did in all of 2021,” said Robert Sawyer, managing director at Massachusetts based solar provider SmartFlower, told CNN in August.
The new impetus for additional solar energy in Europe is no longer presented in terms of addressing the problems posed by global warming. Instead, it is presented as a means of boosting energy security.
American companies are — despite supply chain woes — rushing to Europe to expand solar, as long-term growth in the market is surpassing expecations. Here are some of the companies expanding production into Europe:
Solaredge Technologies Inc SEDG
Enphase Energy Inc ENPH
SunPower Corporation SPWR
First Solar, Inc. FSLR
ReneSola Ltd. SOL
Canadian Solar Inc CSIQ
Image and article originally from www.benzinga.com. Read the original article here.