German Energy Plan Endorsed by European Investment Bank, FT Says

Germany’s plan to close its 17 nuclear plants and replace them with renewable-energy and gas- fired power stations by 2022 is “achievable,” European Investment Bank Deputy President Matthias Kollatz-Ahnen said, the Financial Times reported, citing an interview.

The EIB calculates the cost of the process to be 90 billion euros over 10 years, and that 15 percent of that amount will come from the bank, the FT said, citing Kollatz-Ahnen. He said that if the EIB “as just one player” is to provide 15 percent of the financing, this is “a clear sign of how achievable” the goal is, the FT reported.

To contact the editor responsible for this story: John Simpson at jsimpson12@bloomberg.net

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