Green Germany Hemorrhage €1.5 billion per DAY to keep the lights on – Is it up to speed with that?
Essays by Eric Worrall
h/t observe; How is the wind and sun working for you Germany? Right below half a trillion US dollars in government subsidies and countingto make Germany’s broken energy system affordable for the end user.
Germany’s half-trillion dollar energy bazooka may not be enough
The Story of Christoph Steitz
FRANKFURT (Reuters) – Germany is bleeding cash to keep the lights on. Nearly half a trillion dollars, since the war in Ukraine plunged the country into an energy crisis nine months ago.
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And it may not be enough.
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“The overall national economy is facing a massive loss of wealth.”
The 440 billion euros ($465 billion) set aside, according to the calculations, provides the first aggregate data on all of Germany’s efforts to avoid power depletion and secure new sources of energy.
That equates to about 1.5 billion euros a day since Russia invaded Ukraine on February 24. Or about 12% of the national economic output. Or about 5,400 euros per person in Germany.
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Germany wants renewables to account for at least 80% of its electricity generation by 2030, up from 42% in 2021. However, at the recent rate of expansion, that remains a distant goal.
Germany’s only hope to save its economy from total ruin is to restore Russia’s gas supplies as quickly as possible, so that Germany can return to the action it is aiming for a future. green energy. I hope Ukraine doesn’t share too many important military secrets with its German allies.
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