Impact of Germany's Nuclear About Face on Uranium Mining
Major energy consuming countries are still moving forward with nuclear power, putting pressure on uranium supplies while potentially leaving Germany behind.
The leaders of German Industry have written an open letter stating that halting the country's nuclear energy with such “unprecedented haste” gives them increasing worry.
Germany has been the crown industrial jewel of Europe, maintaining a profitable economy in the heartland of an otherwise deficit ridden Eurozone. The Chief Executive of Daimler Motors voiced fear about Germany’s abrupt about face in nuclear policy.
The huge power requirements of Germany’s heavy manufacturing companies, which are the flower of the European economy, will now be dependent on power sources from France and Russia. Could this be a potential black swan?
Germany’s electricity prices, which have more than doubled in the last ten years, now become a sensitive issue for German Industry. This nuclear transition is forcing an increased reliance not only on coal, but also on nuclear energy from France and natural gas from Russia.
This is no way to run a modern industrial nation.
German Chancellor Angela Merkel is running scared and scuttling Europe’s most advanced modern industrial machine.
(It is important that readers be aware that the anti-nuclear movement in Germany was strong long before Fukushima. The Japanese tragedy provided the ammunition needed by the anti-industrial left. The nuclear plants were growing old in need of revamping.)
Chancellor Schroder, who preceded Merkel, was sympathetic to the Green Party and committed to a nuclear phase-out plan by 2022. Merkel’s response in late 2010 was to attempt to extend the nuclear exit by 12 additional years.
Many riots and demonstrations occurred in response to Merkel’s move. She was under pressure to give in to Socialist demands when Fukushima provided the immediate excuse to reverse policy and to close all of Germany’s Nuclear Plants.
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