By Vera Eckert, Reuters:
Germany’s energy strategy will cost consumers dearly as costs for new renewable power generation units and networks must be passed on, the head of the German unit of Swedish state-owned energy group Vattenfall was quoted saying on Monday.
The comment came a day before Chancellor Angela Merkel is to meet with industry, unions and social causes lobbyists on run-away power prices, which already need reining in much more immediately.
“In the next 10 years some investments totaling 150 billion euros ($187.8 billion) will be necessary,” Vattenfall Europe chief Tuomo Hatakka told the Sueddeutsche Zeitung. “I assume that the bill for private customers will rise by up to 30 percent to 2020.”
He also said the planned shift away from nuclear and fossil fuels towards green energy derived from wind and solar would take longer than expected, citing delays to important projects such as connections to offshore wind parks.
German consumers must pay rising subsidies for renewables which are paid above market rates under the law… Read more