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German nuclear shutdown will damage European economy

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Michael Probst / AP / File

(Read caption) A March 15, 2011 file photo shows the nuclear plant of Neckarwestheim in southern Germany. Germany's environment minister said on Monday, May 30, 2011, that Chancellor Angela Merkel's coalition government has agreed to shut down all of the country's nuclear power plants by 2022. How will that decision affect the European economy?

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Germany now plans to gradually shut down all of its nuclear plants, with the last being closed in 2022. This is bad news for Europe in general and Germany in particular as it will lead to higher electricity prices, especially given the fact that the anti-"climate change" zeal will prevent or at least limit its replacement with coal.

The decision rested apparently on the tsunami-induced problems of nuclear power in Japan. In other news, following the same logic, Singapore will soon invest heavily in snow removal equipment and Nepal will soon invest in a Navy.

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