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Merkel Says Russian Trade Impact Limited as Industry Backs Curbs

Chancellor Angela Merkel won industry support as she stepped up her threat of sanctions against Russia , saying that Germany could withstand the economic impact of any measures taken. Merkel, speaking in Munich today, compared the 76 billion euros ($106 billion) in bilateral trade with Russia with the more than 60 billion euros in trade Germany has with its neighbor, the Czech Republic, a nation of 10 million people. Russia has a population of about 142 million. “That shows that there is a dimension there, but not to such an extent that it would have an impact on Germany’s entire economic engagement,” Merkel said. Ulrich Grillo, president of Germany’s BDI industry federation, told the same event that he “fully” supports the chancellor during the crisis in Ukraine . A day after she warned Russia that it risked “massive economic and political harm” if it didn’t change course, Merkel maintained […]

Posted On : Published By : Tom Whipple
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Coal surge sullies Germany's clean energy image

The share of electricity generated from coal rose in Germany last year as the country seeks to achieve its ambitious aim of switching off all nuclear power plants by 2022. Industry figures published Tuesday show that bituminous coal and lignite together contributed 45.5 percent of Germany’s gross energy output in 2013, up from 44 percent the previous year. Environmentalists criticize the increasing use of coal, saying it is a "dirty" source because of the large amount of carbon dioxide released when it is burned. Heavily subsidized renewable sources such as wind, solar, biomass and hydropower also increased their contribution to 23.4 percent, up from 22.8 percent in 2012. The share of nuclear power dropped to 15.4 percent from 15.8 percent. © 2014 The Associated Press . All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy […]

Posted On : Published By : Tom Whipple
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Coal surge sullies Germany’s clean energy image

The share of electricity generated from coal rose in Germany last year as the country seeks to achieve its ambitious aim of switching off all nuclear power plants by 2022. Industry figures published Tuesday show that bituminous coal and lignite together contributed 45.5 percent of Germany’s gross energy output in 2013, up from 44 percent the previous year. Environmentalists criticize the increasing use of coal, saying it is a "dirty" source because of the large amount of carbon dioxide released when it is burned. Heavily subsidized renewable sources such as wind, solar, biomass and hydropower also increased their contribution to 23.4 percent, up from 22.8 percent in 2012. The share of nuclear power dropped to 15.4 percent from 15.8 percent. © 2014 The Associated Press . All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy […]

Posted On : Published By : Tom Whipple
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German Power Costs Seen Dropping for Fourth Year: Energy

Power prices in Germany , Europe’s biggest electricity market, probably will weaken for a record fourth consecutive year as utilities add the most coal-fired capacity in more than a decade. The benchmark year-ahead electricity contract will average about 6 percent less in 2014 than in 2013, according to the median of nine analyst and trader estimates compiled by Bloomberg News. Expanding generating capacity will provide 17 percent more supply than peak demand, says Bryan Garnier & Co., an investment bank in Paris. Wholesale power prices in Europe’s biggest economy plunged 32 percent since 2010 amid record wind and solar output and the weakest demand in four years. The cheapest coal since 2009 is spurring utilities to keep building plants burning the fuel. EON SE (EOAN) and RWE AG (RWE) , the largest generators, will report lower profit this year, according to analyst estimates compiled by Bloomberg. “It’s a pretty […]

Posted On : Published By : Tom Whipple