After decades of steadily increasing its dependence on Russian oil and gas, Germany may be at a turning point. After Vladimir Putin ordered the invasion of Ukraine by the Russian military, Germany has signaled that it will diversify its energy resource supplies away from Russia. US News and World Report explains:
BERLIN (Reuters) -Germany signalled a U-turn in key energy policies on Sunday, floating the possibility of extending the life-spans of coal and even nuclear plants to cut dependency on Russian gas, part of a broad political rethink following Moscow’s invasion of Ukraine.
Europe’s top economy has been under pressure from other Western nations to become less dependent on Russian gas, but its plans to phase out coal-fired power plants by 2030 and to shut its nuclear power plants by end-2022 have left it with few options.
In a landmark speech on Sunday, Chancellor Olaf Scholz spelled out a more radical path to ensure Germany will be able to meet rising energy supply and diversify away from Russian gas, which accounts for half of Germany’s energy needs.
“The events of the past few days have shown us that responsible, forward-looking energy policy is decisive not only for our economy and the environment. It is also decisive for our security,” Scholz told lawmakers in a special Bundestag session called to address the Ukraine crisis.
“We must change course to overcome our dependence on imports from individual energy suppliers,” he said.
This will include building two liquefied natural gas (LNG) terminals, one in Brunsbuettel and one in Wilhelmshaven, and raising its natural gas reserves.
These plans will likely be a boon for Germany’s top utility RWE, which has been backing efforts by German LNG Terminal, a joint venture of Gasunie, Oiltanking GmbH and Vopak LNG Holding, to build an LNG terminal in Brunsbuettel.
Separately, the German government has asked RWE’s smaller rival Uniper to revive plans to build an LNG terminal in Wilhelmshaven, Handelsblatt newspaper reported on Sunday, after the company scrapped such plans in late 2020.
Action Line: Anytime you can diversify your fuel sources, that’s a great idea. Think generators, and heating sources for your house. It’s always good to have a wood-burning stove or fireplace available. The same principle works at the countrywide level. It’s always helpful to have more energy pipelines. If you live in a state where the gas goes off because environmentalists won’t allow enough pipelines to be built, you need to find a Super State instead. How do you know you live in a Super State? Do your politicians maximize your freedom while minimizing their impact on your livelihood? If not, if instead, they treat you more like a piggy bank and someone they have power over, it’s time to look for a better America. If you need regular guidance on the best places to move to in America, click here to sign up for my free Survive & Thrive letter. I’ll help you find a better America, today.
E.J. Smith - Your Survival Guy
Latest posts by E.J. Smith - Your Survival Guy (see all)
- Remembering Ronald Read Who Died with an $8 Million Fortune - September 23, 2022
- DeSantis Describes the Great American Exodus - September 23, 2022
- Honey, Where’d all the Covid Money Go? - September 23, 2022
- How Long Will Your Pension Fund Last? - September 23, 2022
- Sink Your Teeth into These Bond Yields - September 22, 2022