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    Refiners Should Not Be Making Above Normal Profits- Biden

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    Cluster of Businesses Want The EU To Improve Energy Security

    Enel plans to expand power distribution business into US

    In A Move To Avert Blackouts Australia Halts Power Market

    Central American Development Bank commits $800 million toward the fuel relief effort

    Central American Development Bank commits $800 million toward the fuel relief effort

    A New 500-MW Supercritical Coal-Fired Power Plant Going into Operationa in Philippines

    EU Reduces Plans of Fossil-Fueled Electricity By One-Third

    BP to invest up to £18 billion in UK energy system by 2030

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    Array Technologies increased revenue 35% to US$872.7 million in 2020

    Nordex Group: half-year sales rise to EUR 2 billion, earnings impacted by COVID-19

    Nordex Group: half-year sales rise to EUR 2 billion, earnings impacted by COVID-19

    GE Renewable Energy connects the world's most powerful hydro unit to the grid in Wudongde, China

    GE Renewable Energy connects the world’s most powerful hydro unit to the grid in Wudongde, China

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    Intersolar Europe 2022: Solar Energy in Germany Takes Center Stage

    TotalEnergies starts up its fourth solar power plant in Japan

    ACCIONA Wind Energy

    ACCIONA Energia to supply 100% renewable energy to Grupo Violas in Portugal

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    Fermi Energia Selects GE Hitachi Nuclear Energy BWRX-300 Small Modular Reactor for Deployment in Estonia

    Atlas and Hitachi to develop energy storage systems for renewable projects

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EU Endorses German 28-Billion-Euro Renewable Energy Plan

in News, Renewable Power
EU Endorses German 28-Billion-Euro Renewable Energy Plan

The German government’s 28-billion-euro ($29.69 billion) support programme for renewable energy, which aims to rapidly expand the use of wind and solar power, was approved by the European Commission, the commission announced on December 21.

The policy, which replaces an earlier renewable energy support programme, is in existence until 2026 and is intended to help Germany meet its 2030 goal of generating 80% of its electricity from renewable sources. The scheme, according to the European Commission, was essential and suitable to encourage renewable energy sources and reduce emissions that contribute to global warming, and its favourable effects on the environment exceeded any potential competitive distortions.

The German Renewable Energy Act 2023 programme, according to EU competition policy director Margrethe Vestager, will help further decarbonize energy production. Producers of renewable energy earn a premium from the programme in addition to the market price they are paid for their power. A feed-in-tariff offering a standard rate for their electricity is available to small generators.

In order to reach Germany’s objective of eliminating its net emissions of greenhouse gases by 2045, as well as partially cover the energy supply vacuum brought on by Russia’s decision to stop supplying the majority of the gas it provides to Europe this year, clean energy output must be increased.

Some EU nations have criticised Berlin’s approach to Europe’s energy shortage. Concerns centre on Germany’s larger plan to spend up to 200 billion euros in subsidies to protect consumers and businesses from skyrocketing energy costs. This amount is beyond the means of many other nations, and some have claimed that it will distort competition in the European Union’s single market.

Berlin’s renewable state support, according to the Commission, was kept to a minimum essential amount and included safeguards to reduce competition inefficiencies. The government must issue public tenders for the assistance.

Germany will scale off current subsidies for renewable producers during periods of negative electricity prices by 2027 in order to avoid subsidising businesses twice.

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