Germany has set aside more than €275 billion to deal with the energy crisis after the war in Ukraine, but the bill will be much higher.
According to Bloomberg, the price will end up being more than $1 trillion, or NOK 10 trillion, by 2030.
The costs will be linked to investments in upgrading the power grid, but mostly new energy sources to deal with the phasing out of nuclear and coal power plants, and to deal with growing demand from electric vehicles and heat pumps, as well as meeting climate commitments.
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The transition to new energy sources would require solar farms to be installed on the equivalent of 43 soccer fields today, and 27 wind farms would also have to be built on land, and four offshore, every week, according to the Federal Chancellor’s wish list. Olaf Scholz was introduced during a meeting at the Volkswagen car plant in Wolfsburg this week, the news agency writes.
According to German think tank Agora Energiewende, about 250 gigawatts of new capacity is needed by 2030, when power demand is expected to be a third higher than today.
To put the challenge in context, the energy need is sufficient to cover the current demand of all 448 million people in the European Union.