'Grow up', RWE tells renewables

RWE CEO Peter Terium

RWE CEO Peter Terium

The cost of Germany’s energy turnaround away from nuclear power threatens to spiral out of control, the CEO of German utility RWE said, demanding an end to a priority access terms for renewables to electricity markets.

“Electricity needs to remain affordable,” CEO Peter Terium told RWE’s annual shareholder meeting in Essen. “It made sense to give a (initial) push to renewable energies with subsidies. But renewables now have to grow up.”

With a market share of 25%, renewables now have to “face the market” and can no longer be shielded from competition, he said, adding that preferential access for renewable energy to Germany’s electricity market needs to be reformed.

Renewable energy currently enters with priority at Germany’s power exchange in Leipzig, and at a production cost of close to Log in to read complete article.

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