Europe needs its industrial companies to save energy amid soaring costs and shrinking supplies, and they are delivering — demand for natural gas and electricity both fell in the past quarter.
It is far too early to rejoice, though. The drop is not just because industrial companies are turning down thermostats, they are also shutting down plants that may never reopen.
And while lower energy use helps Europe weather the crisis sparked by Russia's war in Ukraine and Moscow's supply cuts, executives, economists and industry groups warn its industrial base may end up severely weakened if high energy costs persist.