Altmaier cites €1 trillion bill in German FIT row

Peter Altmaier

Peter Altmaier

German environment minister Peter Altmaier shocked the country’s public and renewables sector alike today by claiming its energy transition could cost about €1 trillion ($1.33 trillion) by the end of the 2030s if current support schemes are left unchanged.

Although feed-in tariffs (FITs) for renewable power output have been falling recently, costs will remain high for decades to come as FITs are often granted for a 20-year period, he told the Frankfurter Allgemeine Zeitung newspaper.

The design of Germany’s electricity market, which has the paradoxical effect of driving up support payments for renewables whenever a high green-power output pushes wholesale market prices down, also adds to the costs, he acknowledged.

“The energy turnaround needs to be affordable,” he insisted.

FIT payments up to 2022 alone – the year Germany plans to have switched Log in to read complete article.

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