German Budget Crisis to Deepen As Renewable Subsidies Double
- The costs for funding solar and wind to touch €20 billion
- Need for fresh funds to complicate Germany’s budget debates
This article is for subscribers only.
Germany will need to find more cash to fund its energy transition ambitions this year after the subsidies it must pay renewables producers doubled on the back of tumbling wholesale power prices.
The state will pay as much as €20 billion ($21.7 billion) to wind and solar operators through the end of 2024, twice what grid operators had forecast in October, Economy Minister Robert Habeck told reporters in Berlin on Wednesday.