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Merz warns: Germany's energy transition is threatening to become too expensive!
Germany is about to build new gas power plants to support the energy transition and relieve companies.
Merz warns: Germany's energy transition is threatening to become too expensive!
A lot is happening in Germany in the area of energy policy. The EU Commission's approval for the construction of new gas power plants is imminent, which was happily announced by Chancellor Friedrich Merz (CDU) at a business reception in Halle. This decision could be a ray of hope for many companies because it is part of a comprehensive strategy for electricity price compensation and the federal government's goal of noticeably relieving the burden on energy-intensive companies. Merz described the costs of the German energy transition as the highest in the world and openly called for corrections to ensure competitiveness. Welt.de reports that the new power plant strategy that is to be approved envisages gas-fired power plants as a backup in the event of insufficient electricity supply from renewable energies.
A gradual phase-out of coal-fired power generation by 2038 should help to sustainably reduce the guaranteed output. Despite the importance of these steps, many companies are still reluctant to invest. The approval of the EU Commission is now required in order to initiate state subsidies amounting to billions for the construction of new gas power plants. For the time being, they can continue to use gas in order to guarantee a reliable energy supply.
Industrial electricity price as relief
Another central issue is the planned industrial electricity price, which is intended to help companies invest in more climate-friendly production. The federal government and the EU Commission have launched a support system that provides a discount of up to 50% on the wholesale electricity price. Tagesschau.de informs that this subsidized electricity price is only available for companies with high electricity needs and strong international trade ties and is limited in time, a maximum of three years per company. This measure is intended as a “bridging aid” to facilitate the transition to climate neutrality and to ensure the competitiveness of energy-intensive sectors such as chemicals and steel in particular.
The situation is also reflected in the latest production figures for these industries, which have been declining almost continuously since the beginning of 2022. Companies that rely on subsidies to avoid being left behind in international competition are at risk. The industrial electricity price could be a decisive factor in counteracting the threat of migration.
Measures to reduce energy prices
The EU Commission is considering further actions to strengthen Europe as a business location. According to Bundeswirtschaftsministerium.de, a “Clean Industrial Deal” is being presented that is intended to promote the transformation and decarbonization of the European economy. Among other things, energy prices are to be stabilized and reduced, which is of great importance for companies. Aspects such as faster approval of projects and the expansion of cross-border infrastructure are part of this strategy.
The overarching measures aim to ensure an affordable, sustainable and reliable energy supply. It becomes clear that the challenges of the energy transition and climate protection must be pushed forward at the same time in order not only to maintain Europe as a business location, but also to strengthen it.
Finally, it is to be hoped that the upcoming decisions and measures will bring noticeable improvements not only for the industry but also for the general public. Ultimately, the future will not only lie in the hands of a few actors, but will require the commitment of everyone to find a sustainable and economically viable solution to the country's energy issues.