Germany to Fund Only a Fraction of its Gas-to- Hydrogen Ambition [Financial Post (Toronto, Ontario, Canada)]
RWE AG ORD S/ADR (RWEOY)
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Source: Financial Post
That's likely to disappoint both industry and climate experts studying how the nation will plug its power gap in the future. Author of the article: (Bloomberg) — Germany plans to contribute €7.55 billion ($8.3 billion), just a fraction of the €60 billion needed to build new gas-fired power plants that can later be converted to hydrogen. That's likely to disappoint both industry and climate experts studying how the nation will plug its power gap in the future. The Finance Ministry's draft budget plan, seen by Bloomberg, will be discussed by the parliament's budget committee on Jan. 18 and is expected to be voted on later this month. According to the plan, the funding for the gas power plants will only start in 2028, two years later than previously planned. Article content Article content The Economy Ministry had earlier set out an estimate of €60 billion for constructing these backup plants needed to keep the lights on as the country switched off its remaining nuclear power
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