Energy

Germany sets aside $50 billion for phase out of coal-fired stations

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INA FASSBENDER | AFP | Getty Images

Germany’s federal government and the four German states where lignite – or brown coal – is mined have agreed to “a way forward” for the phase out of coal-fired power stations in the country.

In an announcement Thursday, the federal government said it would provide 40 billion euros ($44.52 billion) to the federal states affected by the transition.

In addition, operators of power plants will be provided with 4.35 billion euros across the next 15 years to compensate for the shutting down of their facilities.

Energy firm RWE, which operates lignite-fired power stations in Germany, said it would get 2.6 billion euros in compensation, adding that over 3,000…



Source cnbc.com

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