German authorities will need to spend more than $1 trillion to modernize the existing energy system and switch to renewable energy sources. This strategy also means the gradual rejection of nuclear and coal production in the business of industrial enterprises and the livelihood of local households. informs The Bloomberg agency cites the forecasts of its own economists from BloombergNEF.
“The expected cost of future maintenance of the country’s energy system by 2030 will be more than $1 trillion. Costs include investments in upgrading power grids and, above all, next-generation investments to manage the phasing out of nuclear and coal-fired power plants, meet growing demand from electric vehicles and heating systems, and meet climate commitments.
At the same time, the country’s authorities have already spent more than €260 billion, or $275 billion, to prevent the worsening of the energy crisis due to the ongoing conflict in Ukraine. The article states that Germany’s rising costs may complicate the transition of the local energy system to renewable sources.
“The transition will require German authorities to install solar panels equivalent to 43 football fields and 1,600 heat pumps every day. Germany also needs to build 27 new onshore and four offshore wind farms every week.
February 22 Bloomberg cites analysts reported About the successful passing of the current winter heating season in Germany without Russian gas supplies. This was achieved thanks to the import of pipe gas from the Netherlands and Norway, as well as the use of liquefied natural gas and coal-fired production facilities.