Over 1,300 EU Firms Appeal to Brussels to Lower Energy Costs
The sweeping declaration, released Wednesday as Belgium plays host to two days of high-level talks on industrial recovery, delivered a blunt directive to European policymakers: "Bring energy and carbon costs down. The costs of energy in Europe are simply too high to compete and are not only driven by commodity prices but also by regulatory charges."
Industry executives cited by multiple media outlets have called for electricity prices to be brought back to pre-2021 levels of €44 ($52) per megawatt-hour — less than half the current range of €80 to €100.
European Commission President Ursula von der Leyen struck a more measured tone at the European Industry Summit on Wednesday, asserting that the bloc was "well-positioned to lower costs," pointing to planned upgrades of the electric grid and an accelerated rollout of offshore wind energy projects.
Business leaders, however, pushed back sharply, insisting that infrastructure overhauls would take years the continent does not have. The declaration demanded action "today."
"The chemical industry does not have 10 years left," Peter Huntsman, chief executive of chemicals producer Huntsman, told media.
The energy crisis plaguing European manufacturers traces back to sanctions the EU imposed on Russia following the outbreak of the Ukraine conflict, which severed access to cheaper pipeline gas. Brussels has since pivoted toward importing more expensive American liquefied natural gas and fast-tracking a shift to renewables — a transition that critics argue has come at a crippling cost to industry.
Russian presidential envoy Kirill Dmitriev has seized on the turmoil, contending that "Europe will lose the competitiveness battle and will never catch up with the world without Russia."
The carbon pricing gap is widening the wound further. The EU Emissions Trading System levies approximately €80 per tonne of carbon on industry — roughly nine times higher than China's equivalent charge of around €9 per tonne, and more than eleven times South Korea's rate of €7 per tonne.
The human toll is already severe. Since 2023, more than 20 major chemical plants have shuttered across Europe, eliminating 30,000 jobs, according to trade union IndustriALL. Chemical sector investment across the bloc collapsed by more than 80% in 2025, industry data shows.
Meanwhile, capital is flowing east. German chemical behemoth BASF committed its largest-ever single investment to China — an €8.7 billion facility that began partial operations in December — a move widely seen as a stark symbol of Europe's faltering industrial appeal.
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