Germany Is Waking Up To The Consequences Of Merkel's Rash Abandonment Of Nuclear Power

Angela Merkel

Photo: AP

In a dramatic aboutface, Angela Merkel agreed last month to phase out nuclear power in Germany by 2022 — part of a gloabl backlash after the Fukushima disaster. Now many Germans are recognising the downside to her decision, according to SPIEGEL.First, higher emissions. The German Energy Agency warned that by 2020 they will not be able to achieve a 40% reduction in carbon emissions relative to 1990. Instead they will manage only a 30-33% reduction.

Second, higher electricity costs. Jürgen Grossmann, head of energy giant RWE, accused Merkel of creating an “eco-dictatorship” and promoting de-industrialisation.

On Friday, he took the battle a step further, warning in an interview with the Süddeutsche Zeitung that Merkel’s phase out plan could result in large companies turning their backs on the country as a result of climbing energy prices. “The de-industrialisation (of Germany) won’t come all at once. It will be a gradual process,” Grossmann said. “Soon we will have to do without entire industrial sectors: companies like BASF and Thyssen-Krupp won’t be here anymore.”

Read more at SPIEGEL >

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.