Swedish utility Vattenfall Tuesday said it expects to receive "fair compensation" for its financial losses following Germany's decision to exit all nuclear power generation.
Swedish utility Vattenfall Tuesday said it expects to receive "fair
compensation" for its financial losses following
Germany
's
decision to exit all nuclear power generation.
Vattenfall is the second of the four nuclear power plant operators in
Germany
that
has said it expects compensation for the expected damages resulting from
Germany
's
decision to shut down the last of its 17 reactors at the end of 2022.
Vattenfall said it "trusts that the German political system will take full
responsibility for its decisions," and that it will "keep future
options open."
The German Finance Ministry declined to comment on Vattenfall's compensation
claims.
Chancellor Angela Merkel's cabinet Monday approved the plan for an accelerated
nuclear exit, reflecting a drastic shift in paradigm in the country's
perception of atomic energy following the reactor accidents at
Japan
's
Fukushima Daiichi power plant.
Vattenfall has an ownership interest in three of
Germany
's
nuclear power plants. Two of the firm's reactors, Kruemmel and Brunsbuettel,
have been offline the best part of three years due to glitches and according to
the government's phase-out plan will never resume power generation.
E.ON AG (EOAN.XE)--Germany's largest utility by market value and the world's
largest by revenue--said last week it is seeking compensation for
"billions of euros" in damages, adding that it will file litigation
against the government's plan to maintain a tax on nuclear fuel rods.
RWE AG (RWE.XE) Tuesday reiterated it is still reviewing the government's
decision to phase out nuclear power by 2022, adding that it is keeping all
options for possible legal action open.
EnBW Energie Baden-Wuerttemberg AG (EBK.XE) the fourth German nuclear power
plant operator so far has only said it has taken note of the government's
decisions.
"Vattenfall's nuclear operations in
Germany
represent large values. We expect fair treatment and compensation for our
financial losses due to the German decision," Chief Executive officer Oystein
Loseth said in a statement.
The energy firm said the decision will have substantial financial effects as
Vattenfall has invested about EUR700 million in its nuclear power plants
Kruemmel and Brunsbuettel in
Germany
in
recent years.
"This has to be considered when it comes to compensation questions
including the possibility to transfer energy production rights from the plants,
Loseth said.
Part of the expected damages the utilities expect come from that fact that
their reactors had previously been granted quotas of electricity production
volumes the operators were allowed to exhaust before the power plant operating
permits expire.
The new nuclear exit agreement, however, sets fixed shutdown dates for
reactors. Any remaining production quotas must either be used in other reactors
or are lost for good, which would hit the companies' profits.
"The Kruemmel power plant cannot be treated worse than any other new
reactor regarding time and amounts of the residual energy quota transfer,"
Vattenfall's Loseth said.
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