German ‘green revolution’ may cost 1 trillion euros

“(Reuters) – Germany’s transition to renewable energy may cost up to 1 trillion euros ($1.34 trillion) in the next two decades, the environment minister said on Wednesday, piling pressure on his opponents to back plans to cap power price rises before the election.

With an eye on the September vote, Peter Altmaier, one of conservative Chancellor Angela Merkel’s most trusted ministers, has outlined plans to rein in subsidies for renewable power which have pushed up consumers’ electricity bills.

However, his plans may be doomed as the opposition Social Democrats (SPD) and Greens have reservations and could block legislation in the Bundesrat upper house.

“The costs of our energy reform and restructuring of energy provision could amount to around 1 trillion euros by the end of the 2030s,” Altmaier told the Frankfurter Allgemeine Zeitung newspaper.”

 

http://www.reuters.com/article/2013/02/20/us-germany-energy-idUSBRE91J0AV20130220

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