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Germany introducing nuclear fuel tax

Revenue from the tax would help Germany cut its budget deficit and finance the clean-up of its repositories for nuclear waste.

German nuclear tax to raise 2.3 bln eur-draft law BERLIN, July 15 (Reuters) – The proposed German tax on nuclear power station operators would likely raise 2.3 billion euros annually between 2011 and 2014, a finance ministry draft law obtained by Reuters said.Nuclear power station operators will face a levy of 220 euros per gramme of nuclear fuel (uranium or plutonium)……

Revenue from the tax would help Germany cut its budget deficit and finance the clean-up of its repositories for nuclear waste.

The Bundesrat, Germany’s upper house of parliament, would not be required to agree to the law, according to the draft………..

RWE said last month it was bracing itself for a profit hit once the new tax was implemented and warned it would likely cut investments and consider asset sales. [ID:nLDE65B08A]

The German government wants to raise the tax independently of the discussion over the extension of the lifetime of Germany’s 17 nuclear power plants.

The plants have to be phased out by 2021 — after an average 32 years of life each -…………The draft recalled that another levy would be imposed on operators in the case of an extension of plant lifetimes, but this would take into account the fuel tax.

In its coalition deal, the government said it would seek to reinvest a portion of profits arising from an extension in renewable energy and safety rules. [ID:nLN302542]

“The introduction of a tax on nuclear fuel will be something to take into account,” according to the draft.

July 16, 2010 - Posted by Christina Macpherson | Germany, politics | nuclear, nuclear costs, uranium