German utilities face October 19th nuclear deadline day

Germany’s top four energy groups -- E.ON, RWE, EnBW and Vattenfall, are set to hear a decision from the country’s government on the final funding they must provide for storage of nuclear waste on the 19th of October.

Reuters reports that the parties are in final talks with Berlin to nail down the details of a deal proposed by a government-appointed commission in April.
Germany's top 4 utilities
Under the plan, the utilities are to transfer EUR23.3bn ($26.10bn) in funds to the state, along with responsibility and liability for storing their nuclear waste.


If the cabinet approves the deal on the day it is likely that the new law will only take effect at the start of 2017 once it has been approved by parliament, sources told the news agency.

The utilities had initially earmarked nearly $45bn in provisions to pay for the dismantling and waste storage of their nuclear plants, the last of which will be closed in 2022.

But concerns over their financial health have fuelled fears that the power firms may be unable to turn the provisions -- mainly cash, assets and shares -- into liquidity, eventually leaving taxpayers to foot all or part of the bill.



Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...