The crash of EU slate power

By in

Recently, many media outlets dubbed Poland ‘the second Texas’ hoping for simular success of the US slate power projects being carried out in Eastern Europe. Waiting for such success and ‘the upcoming slate revolution’ in 2009, which occured during the global financial crisis. British energy company Cuadrilla Resources Ltd. played it safe by opening an office in Poland. The belief in success and the ‘power revolution’ faced irresistible realities of global financial markets.

It should be noted that the sharp drop in oil prices produced unwanted affects and consequently meant that Cuadrilla Resources (along with many other slate companies worldwide) having made their once attractive projects absolutely unprofitable.

Over the course of the six years that the office existed in Poland, the Cuadrilla company didn’t actually drill a well in Poland, despite the government allowing foreign companies to use ecologically harmful hydraulic forming fracture in the hopes of obtaining a raw material producing economy status for the country.