Germany Promises Energy Shake-Up
By Jan Hromadko
Germany’s new energy minister Tuesday promised power companies to address disruptions in the country’s electricity market caused by subsidies for renewable energy sources.
Sigmar Gabriel, energy minister in Chancellor Angela Merkel‘s government, made the announcement after months of lobbying by German and European utilities, whose profits have plunged because subsidized renewables are displacing their conventional power plants.
Mr. Gabriel’s reassessment shows the challenges Germany faces in attempting a radical and expensive shift from fossil fuels and nuclear power to such green energy sources as wind and solar. Many other countries are watching how Germany, one of the world’s richest countries, handles the transition.
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