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January 17, 2012

Siemens puts 1.7 trillion Euro price tag on Germany's nuclear exit

Siemens expects Germany's exit from nuclear power to cost the country up to 1.7 trillion euros ($2.15 trillion) by 2030, the head of its energy business said.

"We have calculated that between 1,400 billion and 1,700 billion will have to be invested in the German energy sector over the next 20 years," Siemens board member Michael Suess, in charge of the company's Energy Sector, told Reuters.

"This will either be paid by energy customers or taxpayers," he said at the annual Handelsblatt Energiewirtschaft conference.

The 1.7 trillion euros scenario is based on a strong expansion of renewables -- with feed-in tariffs as the biggest chunk of costs -- while the 1.4 trillion scenario emphasizes gas as one of the major energy alternatives, he said.





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