The German cabinet has approved of a plan that would compensate three utility companies – RWE, Vattenfall and E.ON – for the losses incurred by the closure of their nuclear power plants that were tripped up by the government's on-again, off-again nuclear power policies.
The cabinet on May 23 agreed to a compensation fund of 1 billion euro – $1.16 billion.
The funds are specifically aimed at compensating the companies for investments made in nuclear power plants between October 2010 and March 2011. The period starts with in October 2010, which is the month the government reversed a previous policy of phasing out nuclear power.
Seventeen months later, after the Fukushima Dai-ichi nuclear power accident in Japan, the government reversed itself again, this time approving of a nuclear power phase out that would see the end of nuclear power in Germany by the end of 2023.
The new compensation plan also includes funding for production lost at several RWE and Vattenfall-owned plants, including Brunsbuettel, Kruemmel and Muelheim-Kaerlich NPPs.
There are currently seven remaining nuclear power plants in operation in Germany, including Emsland and Gundremmingen C, owned by RWE, Brokdorf, which is 20 percent owned by Vattenfall.
E.ON. is the majority owner (75 percent) of Isar 2, while EnBW is the majority owner of Neckarwestheim 2 (98.45 percent) and Philippsburg (100 percent), according to Nuclear Engineering International.
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