EU Urged to Tackle Energy Prices to Boost Industry Competitiveness

Top business leaders have called on the EU to urgently address high energy prices, which hinder European industries' ability to compete with the U.S. and China. They highlighted the issue of expensive gas imports and power pricing structures, urging for reforms in grid connections and taxation.

Top business leaders are pressuring the European Union to urgently address escalating energy prices, which they claim are critical for enabling European industries to compete with their counterparts in the United States and China.

This call aligns with an upcoming EU leaders' meeting aimed at devising strategies to enhance Europe's economic competitiveness amid global giants.

Heidelberg Materials' CEO Jon Morrish insists high energy costs must be reduced, pointing to Europe's competitive disadvantage brought on by the loss of cheap Russian gas and outdated energy systems. The European Commission is proposing reforms, though resistance remains.

(With inputs from agencies.)