nuclear-news

Court rules that Germany’s nuclear fuel tax is legal

EON, RWE Retreat After German Court Backs Nuclear Fuel Tax Bloomberg, By Stefan Nicola and Karin Matussek – Jan 12, 2012 EON AG (EOAN) and RWE AG (RWE), Germany’s biggest utilities, fell in Frankfurt trading after a court said the country’s nuclear fuel tax
didn’t break the law.
EON dropped 1.3 percent to 16.45 euros after a tax court in the state of Baden-Wuerttemberg upheld the levy in two interim rulings against plaintiff EnBW Energie Baden- Wuerttemberg AG, the country’s third-largest utility. RWE slipped 0.7 percent while EnBW slid 2.6 percent….

… Germany’s utilities are cutting costs and selling assets to curb losses related to the government’s decision to exit nuclear power by 2022. The shutdown of the country’s eight oldest reactors, as well as the nuclear fuel tax, drafted in 2010, cut EON’s earnings by 2.3 billion euros ($3 billion) in 2011, Chief Financial Officer Marcus Schenck said in November.

The judges didn’t share the legal analysis by courts in Munich and Hamburg, which had ruled in favor of EON and RWE over the tax. The divergence in rulings will be resolved once Germany’s top tax court mades its judgement.
http://www.bloomberg.com/news/2012-01-12/eon-rwe-retreat-after-german-court-backs-nuclear-fuel-tax.html

January 13, 2012 - Posted by Christina Macpherson | Germany, Legal