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Released October 27, 2014 | GALWAY, IRELAND
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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland) - The fallout from Germany's sudden u-turn on nuclear power continues to haunt the government as news emerges that Swedish energy major Vattenfall AB (Stockholm, Sweden) is suing them for a reported 4.7 billion ($6 billion).
The company joins fellow German nuclear operators RWE AG (OTC:RWEOY) (Essen, Germany) and E.ON AG (OTC:EONGY) (Dusseldorf, Germany) in taking lawsuits against the government to cover the billions of euro they have lost since the government's shock decision to ditch nuclear power and shut down plants back in 2011. For additional information, see May 30, 2011, article - Germany Votes to Dump Nuclear Power.
Vattenfall has refused to confirm the amount it is seeking but reports claim that Sigmar Gabriel, Germany's Economy Minister, has told parliament that the company is seeking 4.7 billion in compensation for the closure of its Brunsbüttel and Krümmel nuclear power plants.
E.ON is seeking 8 billion ($10.2 billion) in compensation and RWE is looking for around 2 billion ($2.5 billion). For additional information, see June 15, 2012, article - E.ON Seeks 8 Billion from German Government.
In January this year, RWE signalled its plan to sue the German government after the country's Supreme Administrative Court ruled that the government's decision to temporarily shut RWE's Biblis nuclear plant after the Japanese Fukushima nuclear accident in 2011 was 'unlawful'. For additional information, see January 17, 2014, article - Germany's 'Unlawful' Closure of Nuclear Reactors.
The country's fourth nuclear operator, Energie Baden-Württemberg AG (EnBW) (Karlsruhe, Germany) is the only one not to take legal action against the government. In 2012 it clarified that although it agreed with the opinions and legal actions being taken by other affected nuclear operators, it's unusual ownership structure would prevent it from taking similar action. For additional information, see August 10, 2012, article - EnBW not Suing German Government over Nuclear Exit.
View Plant Profile - 1077658 1077680
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, three offices in North America and nine international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. To contact an office in your area, visit the Industrial Info "Contact Us" page.
The company joins fellow German nuclear operators RWE AG (OTC:RWEOY) (Essen, Germany) and E.ON AG (OTC:EONGY) (Dusseldorf, Germany) in taking lawsuits against the government to cover the billions of euro they have lost since the government's shock decision to ditch nuclear power and shut down plants back in 2011. For additional information, see May 30, 2011, article - Germany Votes to Dump Nuclear Power.
Vattenfall has refused to confirm the amount it is seeking but reports claim that Sigmar Gabriel, Germany's Economy Minister, has told parliament that the company is seeking 4.7 billion in compensation for the closure of its Brunsbüttel and Krümmel nuclear power plants.
E.ON is seeking 8 billion ($10.2 billion) in compensation and RWE is looking for around 2 billion ($2.5 billion). For additional information, see June 15, 2012, article - E.ON Seeks 8 Billion from German Government.
In January this year, RWE signalled its plan to sue the German government after the country's Supreme Administrative Court ruled that the government's decision to temporarily shut RWE's Biblis nuclear plant after the Japanese Fukushima nuclear accident in 2011 was 'unlawful'. For additional information, see January 17, 2014, article - Germany's 'Unlawful' Closure of Nuclear Reactors.
The country's fourth nuclear operator, Energie Baden-Württemberg AG (EnBW) (Karlsruhe, Germany) is the only one not to take legal action against the government. In 2012 it clarified that although it agreed with the opinions and legal actions being taken by other affected nuclear operators, it's unusual ownership structure would prevent it from taking similar action. For additional information, see August 10, 2012, article - EnBW not Suing German Government over Nuclear Exit.
View Plant Profile - 1077658 1077680
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, three offices in North America and nine international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. To contact an office in your area, visit the Industrial Info "Contact Us" page.
