Germany’s $412 billion green energy plan may be running low on cash as consumer energy prices skyrocket and traditional power plants require more subsidies to stay in business.
Michael Bastasch — July 1, 2015
Excerpt — For years, Germany has been trying to force more wind and solar energy onto its electrical grid, but what started as a well-intended effort to fight global warming devolved into an expensive labyrinth of subsidies and special interest politics.
The idea was that once the grid was transformed to power more green energy, costs would go down as new technologies and efficiencies came onto market. But the report by Roland Berger and the World Energy Council cautions that at least 280 billion euros will be needed in the next 15 years to meet Germany’s green goals. And that’s with “sustained political support,” the report warns — without it, the transformation could get even more costly.
That’s only the tip of the cost-berg, the report warns. The report also warns that funding for offshore wind farms faces “high risk and market entry barriers” and a “significantly tighter situation.” Germany and other Europeans countries are increasingly relying on offshore wind farms for electricity, especially as nuclear power plants are phased out. Read full story here…..