The Globe and Mail reports in its Saturday, Oct. 31, edition that gas prices in Germany and the rest of Europe have soared to painful levels. The Globe's Eric Reguly writes that by necessity, the development of renewable electricity sources -- mostly solar and wind farms -- have taken on new urgency. One winner was Canada's Northland Power, which, in partnership with Poland's Orlen, recently finished Baltic Power, an offshore wind farm that generates enough electricity to keep the lights on in 1.5 million Polish homes.
Last week, European gas prices went above 100 euros per megawatt-hour for the first time in four years, taking benchmark prices up about 40 per cent this month alone. Gas shortages will keep prices high, all the more reason for the EU to pursue renewable energy. Gas is too costly for industrial and consumer comfort and the EU wants to break its reliance on the U.S., which supplies close to 60 per cent of its LNG. And LNG is a fossil fuel that accelerates global warming. The EU has a binding target to cut greenhouse gas emission by 55 per cent by 2030 over 1990 levels. The target may not be reached by then, but the direction will remain intact.
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