Germany’s Move to Scrap Coal Will Cost Taxpayers
Hey, we were always told that wind and solar are so cheap now, the transition pays for itself in no time. How could they forget that eliminating the biggest source of balancing power will cost money too? Pun intended.
Chancellor Angela Merkel’s plan to close Germany’s remaining coal-fired power stations will drive up subsidies for regions that mine the commodity, according to a document from the economy and energy ministry seen by Bloomberg. Taxpayers are already slated to send 35 billion euros ($41 billion) of aid to four coal regions from 2013 to 2028 and will have to increase that amount as efforts to scale back pollution eliminates jobs at mines and power plants, the economy ministry estimated in a report drawn up last month.