The German cabinet has paved the way for a controversial nuclear waste deal, allowing the country's major utilities to pay 23.5 GEUR (26 GUSD) for shifting responsibility of managing nuclear waste to the government.
Under a draft law approved by the federal cabinet, the four firms such as Vattenfall, EON, RWE and EnBW will pay the money into a state fund for temporary and permanent nuclear waste storage by 2022.
The German government decided to shut down all of its nuclear power plants aftermath the Fukushima disaster in Japan in 2011. Currently, eight nuclear power plants still in operation in the country. Beyond the 23.5 GEUR for waste management, the firms will remain financially and legally responsible for phasing out and dismantling the plants and preparing all remaining nuclear waste for permanent storage. The remainder of a total 40 GEUR of provisions they have set aside to cover the nuclear closure is earmarked for those costs. E. ON, which will alone contribute around 10 GEUR to finance the nuclear waste management, hailed the deal. However, Germany is yet to finalise a location to dispose the nuclear waste. Germany pledges to produce 80% of its electricity from renewable sources by 2050. [emp]