BASF AG (BAS.XE) expects to face 400 million euros ($535 million) in additional costs at its headquarters alone should the German government lift an exemption from renewable energy surcharges.
BASF AG (BAS.XE) expects to face 400 million euros ($535 million) in
additional costs at its headquarters alone should the German government lift an
exemption from renewable energy surcharges.
Ongoing negotiations to form a grand coalition in Europe's largest economy
carry the "material risk that energy-intense" industries will suffer
a setback, the German chemicals company's chief executive, Kurt Bock, tells
weekly magazine Der Spiegel in an interview, ahead of publication in its Monday
edition.
BASF might move more new projects to the
U.S.
,
where energy is less expensive, he says. Against this backdrop, the company
recently decided to build an ammonia plant on the
U.S.
gulf
coast instead of in
Germany
.
Germany's shift towards renewable energy away from nuclear power requires state
guarantees of around EUR20 billion this year alone, but much of the country's
heavy industry has been exempt from the bulk of renewable surcharges as the
government seeks to protect its competitiveness.
The exemptions for industry will total around EUR4.2 billion this year.
To lower these costs, reforming the country's energy policy is one of the most
crucial issues on the agenda of the country's new government, Chancellor Angela
Merkel said in her weekly statement Saturday.
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