EU Report Emphasizes Reduced Energy Costs Will Boost Economies, Support Energy Transition

Lower energy costs will bolster economies worldwide and support the transition from fossil fuels to renewables, a new European Union (EU) report says. Even more, the landmark report says that the green-energy transition will be critical to preserving Europe’s economy. The Future of European Competitiveness report outlines the investments Europe would have to make to rescue its economy and remain on par with the United States and China.

The 300-page report also dedicates a fair amount of focus on the energy transition, the energy industry and the critical role it will play in decarbonizing Europe’s economy and making it more competitive on a global scale. With Mario Draghi, former Italian prime minister and former president of the European Central Bank at the helm, the report noted that growth will be intrinsically tied to climate neutrality.

Draghi asserts that eliminating greenhouse-gas emissions and achieving carbon neutrality cannot happen if low-income households don’t have appropriate support and final users still have to pay high energy costs. Additionally, the EU will have to increase the labor force tasked with mining and processing critical minerals as well as soften national energy price interventions to reach net-zero emission, Draghi says.

Lowering energy costs for final users will also be critical to achieving net-zero emissions, the report notes. Although energy prices have fallen from the peaks seen when Russia invaded Ukraine and subsequently cut natural gas exports to Europe, the report states that prices are still much higher compared to the United States. At the moment, electricity in Europe costs two to three times more than in the U.S., while natural gas is four to five times more costly.

According to Draghi, limited natural resources in the EU as well as factors such as high rents and taxes along with certain market rules are to blame for the EU’s high energy costs. Tackling this issue will undoubtedly be a challenge that will require collaboration between policymakers, utilities and industry stakeholders, but the reward will be worth the effort. Regardless of the environmental benefits, people are much more likely to adopt clean energy if it is cheaper.

Furthermore, low end-user energy costs will ensure that low-income households can also transition to renewables, allowing for a fair and equitable transition to renewables in the EU. Since these households are much more likely to be disproportionately affected by the move to renewables, lowering energy prices and providing them with adequate support will be critical to preventing energy poverty, citizen alienation and social inequity.

The work of companies such as First Tellurium Corp. (CSE: FTEL) (OTCQB: FSTTF) will be critical in helping to bring down energy costs as the availability of the critical minerals used in renewable energy systems improves to the extent that supply and demand forces tone down the production crunches facing the industry at the moment.

NOTE TO INVESTORS: The latest news and updates relating to First Tellurium Corp. (CSE: FTEL) (OTCQB: FSTTF) are available in the company’s newsroom at https://ibn.fm/FSTTF

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