Germany’s government will have to allocate more than $1 trillion by 2030 to deal with the risks and challenges that have arisen due to the energy crisis, Bloomberg reported on Sunday, citing its primary research service.
The enormous costs are expected to include investments in the country’s power grid modernization and a planned phase-out of its nuclear and coal plants. Berlin will reportedly face a growing demand for electric vehicles and heating systems. Moreover, the German authorities are obliged to meet climate commitments.
The increase in power demand by some 30% from the country’s current consumption will take to about 250 gigawatts of the new capacity projected to be installed by 2030, according to data provided by the country’s network regulator and think tank Agora Energiewende, as quoted by Bloomberg