It depends a lot on how energy intensive future industries will be. Artificial Intelligence is an example: Europe will be disadvantaged in hosting data centres. And it is unlikely to dominate steel manufacturing.
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Europe already pays more for energy, especially since the invasion of Ukraine. The cost-disparity to the US may fall in a net-zero world, with prices less often set by gas. Nevertheless, a disparity will remain.
How much will this matter to Europe? USA spends 7% of GDP on energy expenditure annually. Assuming 50% higher energy costs would be >3% of GDP impact. A lot.
On the other hand, energy is not the largest cost component in many industries. Labour, capital, ... Improvements in these can outweigh the energy cost disparity. Low political risk, education, connectivity, beaurocracy (preferably a lack of it). Many factors add up.
EU needs to go big on energy efficiency. Obvious win would be reducing heating costs in homes, through passive standards. And there is potential to maximise solar usage by heavily connecting grids north to south.
An upside is that the need for efficiency and the need for alternative technologies like wind, long duration storage and synthetic fuels could foster exportable industries that compete internationally, if we embrace an engineering culture
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