Dec. 21 (Bloomberg) -- EON AG, Germany’s largest utility, received permission from local authorities for a 250 million-euro ($328 million) expansion of an underground hydro pump storage plant.
The utility plans to add a 300-megawatt pump turbine to the Waldeck 2 facility, the Dusseldorf-based company said today in an e-mailed statement. A final investment decision will be made next year, it said.
EON last week said it will invest 7 billion euros in renewable energy projects in the next five years as the country abandons nuclear power.
Pump storage plants pump water at hydropower plants from a lower reservoir to a higher elevation during times of low demand. The water is released when demand is high, plunging through a turbine to generate electricity.
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