New Energy research report from Business Monitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 05/28/2013 -- BMI View: Following the government's decision to phase out nuclear power in Germany, the costeffectiveness of other sources of electricity has come under scrutiny. Generous subsidies to promote the use of non-hydroelectric renewable are taking their toll on other sources of power generation. This, combined with reduced demand, means that many utilities are reviewing the profitability of their thermal power stations. Firms are calling for a reform of the wholesale market; in February 2013, two government ministers unveiled plans to reduce subsidies for renewable energy, but Dena wants the government to go further, with a reform of Germany's renewable energy act, the EEG. We stress that the government must not exclude thermal sources of power from the electricity generating mix if it wants to safeguard supply, but agree that reforms to the wholesale market are required.
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The key trends and developments in the German electricity market are:
- Despite claims that prospects are weak for gas-fired power stations in Germany, in December 2012, RheinEnergie and Alstom signed a contract for the construction of a 450MW gas-fired combinedcycle heat and power plant in Cologne. It is scheduled to begin commercial operations in 2016.
- RWE announced in March 2013 that it is exiting the oil & gas exploration sector and has hired Goldman Sachs to sell its oil & gas exploration unit, DEA. The move reflects reduce profit margins following the government's nuclear phase out, regulatory uncertainty over renewables and reduced demand.
- E.ON has also rethought its strategy in the face of reduced demand and the expansion of renewable sources of power. In March 2013, it announced plans to divest its 17% stake in Urenco by late 2013 or early 2014, and the firm has warned that it may close less productive gas-fired power stations.
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