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This Country Tried To Go Green, Now They Are In Total Collapse!

Germany is now facing economic disaster following massive investments in green energy.

The Wall Street Journal reported that in an effort to get ready for a potential recession, Germany stated on July 5 its intention to amend 1970s legislation to send taxpayer funding to energy companies.

According to Reuters, the breakdown occurred shortly after Germany disclosed its intention to spend $220 billion to convert all of its energy needs to renewable sources, the fund for Germany’s energy plan was an industrial transformation between now and 2026, including climate protection, hydrogen technology and expansion of the electric vehicle charging network. “200 billion euros in funding for the transformation of the economy, society and the state,” German finance minister Christian Lindner said.

However, a significant German power business requested state assistance last week as it gears up for a bailout due to a shortage of Russian supply.

Business Insider reported:

Russia reduced natural gas exports to Germany via the Nord Stream 1 pipeline by 60% last month. Russian natural gas supplies account for 35% of the economy of Germany. Germany’s Vice-Chancellor Robert Habeck, who was quoted in an Associated Press piece, there are concerns that the situation would worsen if the pipeline is expected to be down for repair for ten days in July. The legislation that the German government has developed, allows acquiring interests in businesses that are being crippled by the skyrocketing price of imported gas.

The measure would open the way for the government to rescue Uniper, the main supplier of Russian gas to Germany if it were to be approved by parliament this week.

The revised energy law would also enable importers to avoid insolvency by passing on to all of their customers the higher costs of the gas they are purchasing on spot markets.

The official added that the new “price adjustment” mechanism in the updated law is intended to “keep supply chains as long as feasible and prevent cascade consequences.” In essence, it would empower businesses to tax all of their gas consumers in order to pass along the higher expenses associated with buying gas on spot markets.

Watch it here: Youtube/DW News

Sources: Dailycaller, Reuters, Wsj, Bloomberg, BusinessInsider

 



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