Germany Compensates Utilities $2.9 Billion for Nuclear Exit
- Vattenfall to receive EU1.43 billion and RWE EU880 million
- Companies must withdraw all pending legal proceedings
The RWE nuclear power plant on the River Rhine in Biblis, Germany.
Photographer: Alex Kraus/BloombergThis article is for subscribers only.
Germany agreed to compensate Vatenfall, RWE, EnBw and E.ON 2.4 billion euros ($2.9 billion) for losses suffered following the country’s decision to phase out nuclear power after the Fukushima Dai-Ichi meltdowns.
The deal ends the decade-long battle between the government and Germany’s biggest energy companies. It comes in an election year when the green credentials of Europe’s largest economy will be a key topic among voters. Abandoning nuclear power will eliminate one of Germany’s top sources of emissions-free electricity that is available around the clock.