Vladimír Urbánek (Kurzy.cz)
Markets  |  April 05, 2013 11:52:13

E.ON and RWE reduce spending on the development of renewable energy sources - Merkel loses support for ambitious plans


German Chancellor Angela Merkel recently lost support for his government stamiliardový wider program promoting the use of renewable energy sources. Major energy companies E.ON and RWE announced that for the first time since 2009 curtailing its spending on construction and operation of renewable energy sources. Companies want to collectively save up to 69 mld.EUR reducing debt and reducing costs in this regard. This in turn limit the sources primarily for the development of wind power, which should be the backbone of an ambitious plan for the closure of all nuclear power plants by 2022 and tripling the amount of energy from renewable sources by 2050.

Energy bills are still rising in Germany and the forthcoming elections, to be held in September this year, this issue begins increasingly politicize.The cost of building and connecting wind farms off the northern coast rises, which reduces overall project profitability and hence their financial efficiency.

E.ON has previously stated that the development of renewable investments in 2015 compared to only 1 mld.EUR mld.EUR 1.79 last year. RWE reduces support the development of renewable energy sources by half to 500 million euros in the next 2 years. Even at the beginning of 2012, E.ON stated that it intends to invest in clean energy around 7 mld.EUR, RWE around 5 mld.EUR.

Both corporations are under intense pressure to reduce costs after the problems Japanese nuclear power plant Fukushima erased during the nine months since the local accident 24.9 mld.EUR of their market capitalization. Both corporations are shedding assets of several billion euros.

Government program originally allowed for the existence of approximately 10,000 MWh of wind power by 2020, 25,000 MWh should then exist in 2030. At present, wind power plants generate about 280 MWh of electricity. The implementation of the plan should be done about 550 mld.EUR. The development of wind parks on the north coast, however, proceeds much more slowly than originally estimated.

Of wind in the North Sea compared to most other renewable sources of advantage in the ability to generate a relatively constant amount of energy throughout the day. Most other sources struggles with spasmodic problem in this regard. Therefore, wind power basically the only meaningful alternative to nuclear energy, which is fully adjustable.
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