Germany Stays Nuclear

The German government announced Monday that it will continue operating 17 nuclear power plants that were due to be shut down. In 2002, the Reichstag passed a law phasing out the use of nuclear plants by 2022 to clear the way for renewable energy technology. However, with nuclear power accounting for 22.6% of Germany’s net electricity consumption, renewable energy sources are not yet extensive enough to meet demand. The 17 plants in question will remain open for an average of 12 years.

The decision comes at just the right time for struggling German finances. The German Institute for Economic Research estimates that nuclear energy profits could grow by €6.4 billion per year of continued use, given that the plants are inexpensive to operate. The German government can expect approximately €2.3 billion a year in taxes on these profits. While some of this money will go towards developing further sources of renewable energy, there’s no doubt that extra income to the general budget will benefit the state of financial affairs in Germany as a whole.