Renewable energy has boomed under a policy known as "energy transformation." The new law will go even further by replacing nuclear power with renewables over the next eight years. It will also end the countries reliance on most fossil fuels by 2050.
After making concessions to the European Union on subsidies and a surcharge imposed on imported electricity, the new law can now come into effect as planned on August 1. The new law reduces green energy subsidies and spreads the costs among all sectors of industry even those power hungry industries that had previously been except. German power companies must also contribute toward a renewable energy subsidy fund and those that benefited from subsidies must repay $40.8 million for the aid they received in 2013 and 2014. Under the new law foreign firms that import renewable energy will enjoy the same conditions as German companies that produce energy domestically.
Germany is moving forward despite concerns that increased energy costs would undermine competitiveness. This sends a message to those nations who say that higher power prices are prohibitive.
© 2014, Richard Matthews. All rights reserved.
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