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Stocks A to Z / Stocks B / Berkshire Hathaway (BRK.A)
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Author: CrankyCharlie   😊 😞
Number: of 15056 
Subject: Re: BRK: Why Not XOM?
Date: 12/18/2024 7:27 AM
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EUROPE WIND POWER A “SHIT SITUATION,” SAYS MINISTER

Europe’s energy woes are spiraling out of control, a predictable disaster brought on by shortsighted policy making and an overconfidence in wind and solar power.

As cold wintry weather and the dreaded Dunkelflute (wind drought) grip the continent, electricity prices are skyrocketing.

Southern Norwegians, accustomed to paying €0.18 per kWh saw prices soar past €1.12 kWh last week. While in southern Sweden, a 10-minute shower now costs €2.65.

Wind power is flatlining, rendering those towering monstrosity even more useless than usual.

German wind output plummeted to a paltry 2.8 gigawatts, far from the usual 19 gigawatts expected at this time of year (Montel Analytics). The fallout has forced Germany to fire up coal plants and import electricity from France. At one point last week, German wholesale prices hit a staggering €936 per megawatt hour—the highest in 18 years—as wind turbines stood still, solar produced next to nothing under the gloomy December skies, and the entire grid teetered on the brink.

Industry is being hit hardest. With energy costs obliterating profit margins, several German manufacturers have been forced to shut down operations—including companies with histories spanning a century or more. The Feralpi electric steel plant in Saxony has ground to a halt, with its executives calling the situation unsustainable. “Dire doesn’t even begin to cover it,” they add.

German industry, once the backbone of Europe’s economy, is folding under the weight of idiotic, suicidal energy policy that no sane soul voted for.

For consumers, things are just as depressing. Electricity supplier Tibber is warning Norwegian households to brace for price hikes of up to 400%. Norway’s energy minister, Terje Aasland, summed up the situation: “It’s an absolutely shit situation.”

Norway, a hydropower giant, still imports 10% of its electricity from wind-starved Europe, and now finds itself caught in the chaos. Both ruling parties are now vowing to sever energy interconnections with Denmark and the continent by 2026, promising to prioritize cheap electricity at home—as they did for decades before succumbing to the misguided ‘save the planet’ ideology.

Sweden’s government ministers are also seething, with Prime Minister Ulf Kristersson waking up: “If we hadn’t shut down half of nuclear power, we wouldn’t have these problems. It’s true and it needs to be said.” The previous Social Democrat-Greens coalition, in their ideological zeal, dismantled several reactors between 2019 and 2020. These clowns should be tried.

Swedish Energy Minister Ebba Busch turned her fury toward Germany: “I’m furious with the Germans,” she told SVT. Germany’s decision to close its nuclear plants—culminating in the April 2022 shutdown of its last reactors—has had catastrophic ripple effects across the continent. “They made a decision for their country… but it has had very serious consequences.” Indeed, when German wind production falters, Swedish electricity is siphoned off to fill the gap, squeezing domestic supply and inflating prices.

Wind, solar, and wishful thinking aren’t enough—not with the tech as it currently stands. Ideology doesn’t keep the lights on, it turns out. Nations are choosing the path of self-inflicted ruin—gutting their energy stability in favor of an unreliable grid.

Sweden has seen the light—belatedly, and their government is now planning to build 10 new nuclear reactors. Norway, too, is finally waking. How long will it be before the rest follow? How many factories need to be shuttered, how furious do we citizens need to get, before our corrupted overlords agree to 180?
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