Bitter disappointment for Euratex over energy price-cap proposal
Textile industry body Euratex has written formally to the president of the European Commission, Ursula von der Leyen, to complain again about a lack of support for the industry in the face of steep increases in energy costs.
It described a proposal from the European Commission to cap energy costs at €275 per megawatt-hour as “a bitter disappointment for European textile and clothing manufacturers”.
Euratex said any price cap above the level of €80 per megawatt-hour would not help industry in the European Union, the textile sector in particular, “to survive the current crisis”.
It acknowledged that prices had come down from the record-high of €320 in August 2022 to around €127 now, but it said this was “still more than 300% above business-as-usual prices”.
As recently as July 2021, Euratex pointed out, wholesale gas prices in the EU were below €30 per megawatt-hour.
Director general, Dirk Vantyghem, said that industry in general in the European Union was under “immense, unprecedented pressure”. He added: “The EU must save its industry to save Europe. The moment to act is now.”
