🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

Berlin to hold talks with utility firms over power plant strategy on Thursday - sources

Published 24/01/2024, 22:37
© Reuters. FILE PHOTO: Power-generating windmill turbines and power lines are seen in a snow-covered wind park in Krauschwitz, Germany, December 4, 2023. REUTERS/Fabrizio Bensch/File Photo
0HA0
-
UN0k
-

By Markus Wacket and Christoph Steitz

BERLIN/FRANKFURT (Reuters) - Senior policymakers will hold talks with Germany's top utilities over the country's planned power plant strategy on Thursday, three people familiar with the matter said, the latest effort to make progress on the long-awaited piece of legislation.

Earlier this week, talks between the Chancellor's Office and the Finance and Economy ministries failed to produce a result, leaving the regulatory framework for around 15 gigawatt of full or partially gas-fired power plant capacity the country needs hanging in the balance.

Stakeholders will meet for a fresh round of talks on Thursday, the sources said, adding that top level representatives of the country's largest power firms, including RWE (LON:0HA0) and Uniper, would participate.

The talks are aimed at ironing out questions such as possible plant locations and the level of public funding needed, the people said.

RWE, Uniper and the Economy Ministry all declined to comment.

The plan, with an estimated cost of 40 billion euros ($43.5 billion), is part of Germany's attempts to avoid power shortages as it phases out coal in favour of renewable generation.

Utilities have repeatedly criticised Berlin for failing to provide a clear regulatory framework for the strategy, saying they can only build new gas-fired power stations if there is some level of public support.

© Reuters. FILE PHOTO: Power-generating windmill turbines and power lines are seen in a snow-covered wind park in Krauschwitz, Germany, December 4, 2023. REUTERS/Fabrizio Bensch/File Photo

The power plant strategy was meant to be completed last year, but was delayed after a constitutional court ruled out some 60 billion euros earmarked for climate projects and forced the government to revise its budget.

($1 = 0.9191 euros)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.