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Flurry Of Bearish News Sends Oil Lower

Flurry Of Bearish News Sends Oil Lower

Renewed demand concerns are spooking…

Costs of Shuttering Germany’s Nuclear Plants Deemed High

In the wake of the 11 March Fukushima nuclear meltdown, Germany’s Bundestag handed its green movement its biggest victory yet, passing a resolution to close virtually all 17 of the nation’s nuclear power plants. Seven plants were immediately closed, an eighth was offline at the time of the resolution with technical problems, while the remainder are to be passed out by 2022.

The seven nuclear power plants immediately shut down after Fukushima include Biblis A and B, Neckarwestheim 1, Brunsbuettel, Isar 1, Unterweser and Philippsburg 1 and will not be reconnected to the national power grid, while the offline reactor in Kruemmel will be decommissioned, Sueddeutsche Zeitung reported. The Federal Grid Agency will decide over the next few months as to whether a single nuclear power plant is to remain on standby until 2013 in the event of unexpected electricity shortages. With the possible exception of a reactor remaining on standby, the remaining nine will be shut down by 2022: Grafenrheinfeld in 2015, Gundremmingen B in 2017, Philippsburg II in 2019, Grohnde, Brokdorf, and Gundremmingen C in 2021, Isar II and finally Neckarwestheim II, and Emsland in 2022.

Germany’s new energy policies will depend on the installation of new renewable power capacities with an amendment to the Renewable Energies Act stipulating the doubling of the nation’s share of green power to 35 percent minimum no later than 2020 with an especial emphasis on offshore wind farms. The government has offered to make available $7.26 billion in loans through the Reconstruction Loan Corporation (KfW) for the construction of the first 10 wind farms. German consumers already contribute approximately $18.8 billion in subsidies to green energy providers through their electricity rates.

By. Charles Kennedy, Deputy Editor OilPrice.com



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