BRUSSELS – Europe’s textile industry is facing an existential crisis due to excessive energy prices, claims industry trade body EURATEX. Energy prices in the EU have been volatile since the Russian invasion of Ukraine and are making it difficult for regional textile manufacturers to compete with Asia. EURATEX and other trade bodies have been calling for the EU to implement a price-cap. The EU has now proposed a cap on natural gas prices at €275 per megawatt hour (MWh)- but EURATEX claims this goes nowhere near far enough.
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