Who pays the nuclear phase? For months convened by Federal Minister Sigmar Gabriel in October “Commission to review the financing of the nuclear phase-out” – industry representatives, nuclear experts, environmentalists, a bishop and politician – advise on. It was a difficult debate. In February, the Commission postponed the presentation of its final report in mid-April they adjourned again. Until the last failure seemed possible.
the Commission now but passes that to a unanimous recommendation, is good news. 23.3 billion euros to the four major active in Germany power companies – E.ON, RWE, Vattenfall and EnBW – are now paying to the public sector. In return, the state takes care of her beaming legacies. If final and interim storage of nuclear waste but are more expensive than imagined, the taxpayer must pay for it. The indulgences freed corporations from any future liability. Only the decommissioning and dismantling of nuclear power plants, they must be self-financing.
In all likelihood, the federal government is the recommendation of the Commission follow. Good for groups: You can now calculate with greater certainty, will be how high their future financial burdens. That’s a relief that they desperately needed. All four are due to the energy transition under pressure, their old business model no longer works. Because of the unclear financing of the nuclear phase suffers its creditworthiness. But this Wednesday increased the share prices of E.on and RWE, after the resolution of the nuclear Commission became known.
The companies get off lightly. You have time until 2022 to transfer their savings to the public fund to then invest the money until it is needed. You may pay in installments.
Above all, 23.3 billion euros like for a high sum sound. But they are not. The drain payment consists of the provisions which the companies for final and intermediate storage of its nuclear waste already formed (17.2 billion euros) and a risk premium of about 35 percent (6.1 billion). This is in view of the many unresolved issues for nuclear waste disposal in Germany a bargain price.
The premium is intended to serve as protection against possibly increasing disposal costs. Until recently it was controversial within the Commission. In February Green and environmental organizations had still required to provide the power companies a risk premium of 70 to 100 percent of the provisions in bill. In March it was said that the company should pay a total of up to 36 billion euros of interim and final disposal costs. The corporations, however required discount and calculated their share of the risk small.
Pay will probably end the taxpayer. Although the Commission says that the newly agreed 23.3 billion euros in fact the real cost of nuclear waste disposal cover – but only under the assumption that would now begin immediately with the disposal. However, the is an issue only from 2050th In the meantime, however, prices will rise. In a normal environment might interest you would earn with the money in the fund over the years, the balance. But at the moment the market is hardly yields ago.
Alexandra Endres
Alexandra Endres is an editor in the department of politics, business and society ZEIT ONLINE. Your profile page can be found here.
The risk that the State will pay it again, is therefore high. Anyway, the taxpayer has the nuclear power subsidized with tens of billions since their introduction in Germany. Presumably this will not be all.
But the government has no choice but to engage in the sale of indulgences. The alternative would have been to leave the financial responsibility for the nuclear phase-out in the groups, as it has so far provided by law. But even here the public sector would have to step in as soon as one of the troubled companies latter will become serious financial difficulties. Or if you are planning for a split as E.on and RWE straight, no longer has sufficient reserves decreed to meet its payment obligations. But then the cost would probably have been incalculably high. At least this risk has now been dispelled. This is good news for the taxpayer.
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