Angela Merkel: "I Should Have Chosen A Different Century to Give Up Nuclear Power!"
German abandonment of nuclear energy in response to the Fukushima Daiichi accident in Japan could cost 1.7 trillion euros ($2.15 trillion) by 2030 if renewables replace much of the power, Michael Suess told Reuters Tuesday. That amounts to about two thirds of Germany’s 2011 GDP. If natural gas plants replaced much of the lost electrical generation, he said the estimate would be considerably lower, at 1.4 billion euros.Another take here
German legislators voted in May to eventually decommission all 17 of the Siemens-built reactors that once provided nearly a quarter of the country’s electricity. In response, Siemens announced in September that it would withdraw from the nuclear power industry. At the consumer level, the German Energy Agency (Dena) recently estimated the nuclear withdrawld could hike electric bills 20 percent by 2020. _NuclearStreet
All of this is happening at a time when the World Bank is warning of a potential global economic doomsday, originating in Europe. As the economies of Europe are hit harder, in succession, Merkel is likely to rue her rash choice.
Here is the punchline: While the Siemens estimate of the transition costs to the German economy are higher than what greens and sycophants have been telling the German government, the estimate of over a $2 trillion penalty paid by Germany is almost certainly too low. Perhaps by an order of magnitude or larger. Why? Because Siemens is only looking at the capital costs involved in converting to a nominal equivalent power capacity in renewables. It is not looking at the details where the devil resides, details which largely derive from the destructive intermittency and unreliability of wind and solar, and the much shorter lifetimes of the resource-intensive machinery of big wind and big solar..
After Fukushima, the German government jumped away from nuclear like a hysterical girl jumping from a spider or a mouse -- reflexively, and without thinking it through. If the Germans persist in pursuing this perverse green policy, the butcher's bill will be well into the $trillions and tens of $trillions, over the years. And Merkel's will be a name damned by future generations of Germans -- not the forgotten names of the greens who drove the woman to promote such a fateful choice.