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EU Approves a €28 Billion German Renewable Energy Scheme – Watts Up With That?

Essay by Eric Worrall

German politicians still haven’t learned – they seem utterly determined to burn down their entire economy trying to make green energy work.

EU approves 28 bln euro German renewable energy scheme

By Kate Abnett
December 21, 2022 10:41 PM GMT+10

BRUSSELS, Dec 21 (Reuters) – The European Commission said on Wednesday it had approved the German government’s 28 billion euro ($29.69 billion) support scheme for renewable energy, which is aimed at rapidly expanding use of wind and solar power.

The policy, which replaces an existing renewables support scheme, runs until 2026 and is designed to deliver Germany’s target to produce 80% of its electricity from renewable sources by 2030.

The European Commission said the scheme was “necessary and appropriate” to promote renewable energy and cut planet-heating emissions, and that its positive environmental impact outweighed possible distortions of competition.

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It might seem odd to non Europeans that Germany had to ask the EU’s permission before spending their own €28 billion, but I’m guessing the expenditure fell afoul of EU state aid rules.

Why should we get excited about €28 billion? Germany is allegedly already spending €1.5 billion per day in public debt financed energy subsidies, to shield businesses from skyrocketing energy prices. So in a sense this additional €28 billion is a drop in Germany’s rising ocean of debt.

But that €28 billion is evidence Germany is still run by incompetents That €28 billion could have been used to build 3-4 large nuclear reactors. Those new reactors would have been enough to provide some breathing space, and likely would have been enough to plug the €1.5 billion per day subsidy haemorrhage. They would have been a big step towards restoring long term grid stability and affordability.

Instead of coming to their senses, German politicians are still making every wrong move they possibly can. They still can’t bring themselves to admit their green energy plan has not worked, and will never work. They are determined beyond reason to double down on failure.

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