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In light of new tax, Europe’s nuclear industry faces uncertain future

other countries could adopt similar measures on all utilities, or on target nuclear….the new move will bring uncertainty in the European nuclear sector,

Huge nuclear tax on the cards in Germany, World Nuclear News, By Rumyana Vakarelska, 15 June 2010 The German Ministry of Finance has envisaged an additional €2.3 billion ($2.8 billion) per year ‘windfall tax’ on nuclear operators as part of the 2011 Federal Budget and its financial plan up to 2014………..According to the German Finance Ministry the charge “will be necessary, as part of an overall energy concept, to prolong the operational life of nuclear power plants.” At a time when Germany is looking for tens of billions of euros in budget savings, the ministry said that the money will be used to meet nuclear decommissioning and final repository costs……

The new plan is likely to have an impact on free cash flow in the industry, at a time when it is not clear whether austerity measures introduced across Europe, led by Germany and France, would have an impact on the economic recovery and respectively on energy demand for 2010 and 2011.

Furthermore, if the plan is approved, other countries could adopt similar measures on all utilities, or on target nuclear and renewable power generators, as they benefit from increased electricity prices arising from carbon dioxide costs.

As a result, according to the Barclays Capital’s analysis of the situation, the new move will bring uncertainty in the European nuclear sector, whereby Electricité de France, GDF-Suez, Vattenfall, Fortum, Iberdrola and Endesa could all be impacted. Huge nuclear tax on the cards in Germany

June 17, 2010 - Posted by Christina Macpherson | business and costs, Germany | antinuclear, AREVA, EDF, France, nuclear, nuclear costs, nuclear secrecy, nuclear spin, reactors, uranium