Explain This: Europe’s Energy Crunch European industry is being pushed closer to breaking point as the region’s energy crisis worsens by the day. Power and gas prices are hitting fresh records almost daily, and some energy-intensive companies have temporarily shut operations because they’re becoming too expensive to run. As winter approaches and Europeans start to turn on their heaters, the squeeze will intensify, pushing more executives into tough decisions about keeping plants open. Ammonia producer SKW Stickstoffwerke Piesteritz GmbH is among those that’s been forced into drastic steps. The German company, which burns through 640 gigawatt hours of natural gas each year, equivalent to about 50,000 households, said Tuesday it will cut production by 20% to offset rising gas prices. “It doesn’t make sense to make ammonia at these price levels,” said Chief Executive Officer Petr Cingr. “A complete production stop looms if the government doesn’t act.” On Wednesday, […]