In Scandinavia where vast supplies of hydro power tend to cap prices, energy costs have surged even higher by a whopping 470 percent compared to last year.
The average European consumer rode into 2022 with significantly higher energy bills as a result. Businesses are also suffering, and some are having to close up shop due to not being able to afford this new normal.
"Metals smelters from France to Spain have already been forced to curb output, while some fertilizer producers were forced to halt output altogether," reported the Financial Post.
"Norsk Hydro's majority-owned plant in Slovakia was the latest casualty, announcing on Thursday that it would further curb production."
Despite milder-than-normal weather, energy costs are still expected to rise as time progresses. Industries are also being told they should brace for tighter supplies in January and beyond when about 30 percent of the French nuclear fleet will be offline.
Rising carbon taxes are making the problem even worse
As if energy costs alone were not already bad enough, the Brussels climate agenda is exacerbating the problem with surging pollution permit prices.
Carbon futures more than doubled in 2021 to about 80 euros ($90.5 USD) per metric ton in 2021, which is driving up electricity costs all across the continent.
Back in early December, rising energy costs in Europe were blamed on cold weather, but even after the weather eased up a bit the prices kept on soaring.
It turns out that Germany is also in the process of shutting down its nuclear power facilities to go "green." This, one Financial Post commenter pointed out, is certainly not helping matters any.
"Their green agenda has actually increased CO2 emissions," this person wrote, adding that Germany is replacing some of its nuclear power plants with fossil fuel plants.
"The wages of eco-radicalism are financial hellfire for the little people," wrote another about how the "one percent" are really doing a number on the masses with their energy and financial games.
Another suggested that the failed climate agenda is also to blame, though this sidesteps the fact that central banks all around the world have been engaging in such rampant financial corruption that this is just the inevitable outcome manifesting itself.
Sure, the cover story right now is that this is all because of "covid," but the reality is that inflation is caused by central banks and their fiat monetary policies. As for energy shortages, well, much of Europe's natural gas comes from Russia, which really wants to annex Ukraine.
"Look at Germany's pivot to wind and solar," wrote another. "Now the pivot back to oil and gas. Paying five times more for wind and solar (still didn't work) will kill all your manufacturing and cause massive inflation."
"They're also telling people in California not to charge their Teslas because there's no electricity."
Still another highlighted a litany of other affecting factors including carbon taxes, bad investments, the abandonment of the natural resource sector by governments, and faith in unpredictable renewable energy sources (i.e., wind and solar).
"There is no 'alternative' to fossil fuels in the near term," wrote another. "It is expensive being green."
"90 dollars U.S. per ton in carbon tax in order to produce electricity. Follow the carbon money and it should lead you to the one percenters, not the bikers ... It's only going to get worse worldwide. Higher prices for everything and people will struggle to pay for the basics in life."
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