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Tuesday, March 21, 2023

Germany’s spending to eliminate risks of an energy crisis by 2030 could amount to $1 trillion

Eliminating the risks of an energy crisis caused by the situation around Ukraine could cost Germany more than $1 trillion by 2030. This forecast is presented in Bloomberg material.

This amount will be needed to modernize electricity grids to phase out coal and nuclear power plants, meet increased demand for electric cars and heating systems, and meet climate obligations.

So far, the German authorities have allocated 275 billion dollars for these purposes. The final decision will be much more costly if the State is in principle able to deal with it, note the authors of the article.

To implement the plan, it will be necessary to install solar panels with a total area of ​​43 football fields, ensure the permanent operation of 1,600 heat pumps, build four offshore wind farms and 27 weekly onshore wind farms. In total, by 2030, Germany will need 250 gigawatts of additional energy to the volumes already available in a context of growing demand.

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