Essays by Eric Worrall
German politicians have yet to learn – they seem completely determined to burn through their entire economy trying to make green energy work.
EU approves Germany’s 28 billion euro renewable energy plan
Via Kate Abnett
December 21, 2022 22:41 GMT+10BRUSSELS, December 21 (Reuters) – The European Commission on Wednesday said it had approved the German government’s 28 billion euro ($29.69 billion) support plan for renewable energy, aimed at renewable energy. rapidly expanding the use of wind and solar energy.
The policy replaces the existing renewable energy support program, which runs until 2026 and is designed to achieve Germany’s goal of producing 80% of its electricity from renewable sources by 2030.
The European Commission said the plan was “necessary and appropriate” to promote renewable energy and cut planet-warming emissions, while its positive environmental impact far outweighed the changes. competition may occur.
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For non-Europeans, the fact that Germany has to get EU permission before spending its own €28 billion may seem odd, but I guess this spending is due to EU state aid rules.
Why should we be excited about 28 billion euros? Germany is said to have spend 1.5 billion euros per day energy subsidies are financed by public debt, to protect businesses from skyrocketing energy prices. So, in a sense, this additional 28 billion euros is an relief in Germany’s growing sea of debt.
But that 28 billion euros is proof that Germany is still being run by underdogs. That 28 billion euros could have been used to build three or four large nuclear reactors. Those new reactors will be enough to provide some breathing space, and will likely be enough to offset the 1.5 billion euro per day subsidy hemorrhaging. They will be a huge step forward in restoring the long-term stability of the grid and affordability.
Instead of coming to their senses, German politicians are still making every wrong move they can. They still can’t admit that their green energy plan didn’t work and never will. They are determined beyond reason to duplicate failure.
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