EON Split to Fortify German Green Energy Transformation
By Stefan Nicola Dec 1, 2014 6:01 PM ET
EON SE’s plan to spin off its fossil-fuel plants marks a watershed moment in Germany’s renewables effort that will likely bolster the country’s already leading position in green energy.
EON’s announcement is the culmination of a push to wind, solar and other alternative energy forms that the German government began 14 years ago with subsidies to reduce the country’s reliance on fossil fuels for power production. That plan gained added momentum in 2011 with a decision to close the country’s nuclear reactors following the Fukushima accident.
Chancellor Angela Merkel’s bold move is already beginning to pay off, with Europe’s largest economy for the first time getting more electricity from renewables this year than any other source. About a quarter of Germany’s power now comes from green energy, compared with 6.2 percent in the U.S. and 4.8 percent in France.
“We are in the midst of a giant transformation process of our energy system,” Deputy Environment Minister Jochen Flasbarth told reporters yesterday in Berlin. “Renewables are the increasingly dominant factor in the German energy mix. EON’s decision is a piece of the puzzle.”
The government intends to go further, setting goals to increase the use of alternative energy sources to as much as 45 percent of all power generated by 2035 and boost that figure to 80 percent by 2050. Germany, where the eastern countryside is already dotted with thousands of wind turbines, plans to do that in part by expanding large-scale offshore wind plants that can produce more reliably because the breeze is steadier at sea.
more:
http://www.bloomberg.com/news/2014-12-01/eon-split-to-fortify-german-green-energy-transformation.html
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