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The German government has passed a bill giving the country legal rights to phase out nuclear power, but will leave the door open for companies like Vattenfall and RWE to receive compensation
for investments in nuclear power plants.
After Japan's 2011 Fukushima nuclear accident, Germany made an unprecedented decision to
shut down all of its nuclear power plants.
Currently, the oldest eight power plants are closed immediately, and the remaining nine will be closed
in 2022.
Juergen Becker, then vice minister of the environment, said at the time, "It has been decided to permanently close eight factories
by the end of the year.
The remaining 9 will be closed
over the next decade.
Japan has shown that even if the probability of an event occurring is minimal, the risk is too high to support the continued existence of nuclear power (.
.
.
) In civilized countries, it is better to transition
to other green energy services.
”
In response, German utility RWE and Swedish power company Vattenfall sued the German government, claiming financial compensation
for investing in technology that the German government was backing at the time and that the company would suffer significant financial losses in the event of a sudden reversal.
In December 2016, Germany's Federal Constitutional Court confirmed that the government's decision to phase out nuclear power was "substantially constitutional.
"
This week, Germany's federal government approved a bill that implements court findings and gives the country the right to continue phasing out, while also giving utilities between Oct.
28, 2010, and March 16, 2011, to seek "adequate financial compensation"
for their allegedly thwarted investments in nuclear power plants.
"The bill passed today ensures that the accelerated phase-out of nuclear power plants initiated in 2011 will continue to be implemented and in accordance with the provisions of the country's Basic Law," said Federal Environment Minister Svenja Schulze.
”
The news isn't surprising, but it will be interesting to see how this will affect companies like RWE in making future decisions, especially as it involves governments taking similar actions to address various technical issues
.
RWE has also recently faced new problems
.
There is news that the Netherlands will ban the use of coal by 2030 and close two coal-fired power plants by 2024, one of which belongs to RWE.
The German government has passed a bill giving the country legal rights to phase out nuclear power, but will leave the door open for companies like Vattenfall and RWE to receive compensation
for investments in nuclear power plants.
After Japan's 2011 Fukushima nuclear accident, Germany made an unprecedented decision to
shut down all of its nuclear power plants.
Currently, the oldest eight power plants are closed immediately, and the remaining nine will be closed
in 2022.
Juergen Becker, then vice minister of the environment, said at the time, "It has been decided to permanently close eight factories
by the end of the year.
The remaining 9 will be closed
over the next decade.
Japan has shown that even if the probability of an event occurring is minimal, the risk is too high to support the continued existence of nuclear power (.
.
.
) In civilized countries, it is better to transition
to other green energy services.
”
In response, German utility RWE and Swedish power company Vattenfall sued the German government, claiming financial compensation
for investing in technology that the German government was backing at the time and that the company would suffer significant financial losses in the event of a sudden reversal.
In December 2016, Germany's Federal Constitutional Court confirmed that the government's decision to phase out nuclear power was "substantially constitutional.
"
This week, Germany's federal government approved a bill that implements court findings and gives the country the right to continue phasing out, while also giving utilities between Oct.
28, 2010, and March 16, 2011, to seek "adequate financial compensation"
for their allegedly thwarted investments in nuclear power plants.
"The bill passed today ensures that the accelerated phase-out of nuclear power plants initiated in 2011 will continue to be implemented and in accordance with the provisions of the country's Basic Law," said Federal Environment Minister Svenja Schulze.
”
The news isn't surprising, but it will be interesting to see how this will affect companies like RWE in making future decisions, especially as it involves governments taking similar actions to address various technical issues
.
RWE has also recently faced new problems
.
There is news that the Netherlands will ban the use of coal by 2030 and close two coal-fired power plants by 2024, one of which belongs to RWE.
