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German cabinet approves landmark nuclear waste deal with utilities

Germany approves landmark nuclear waste deal with utilities: source  http://www.businessinsider.com/r-germany-approves-landmark-nuclear-waste-deal-with-utilities-source-2016-10/?r=AU&IR=T  BERLIN (Reuters) – The German cabinet approved a deal on Wednesday for its top utilities to start paying into a 23.6-billion-euro ($25.9 billion) fund next year in return for shifting liability for nuclear waste storage to the government, a source said.

The agreement removes uncertainty about the costs of storing interim and final waste and gives investors greater clarity over the future finances of E.ON, RWE, EnBW and Vattenfall [VATN.UL].

The utilities will remain responsible for dismantling the country’s nuclear plants, the last of which will be shut down in 2022 as part of Germany’s abandonment of the technology, a decision triggered by Japan’s Fukushima disaster five years ago.

(Reporting by Markus Wacket; Writing by Caroline Copley; Editing by Joseph Nasr)

Read the original article on Reuters.

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October 22, 2016 - Posted by | business and costs, Germany, politics

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