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crown capital management headlines, German tax to finance renewable energy skyrockets

Posted Oct 26 2012 3:18am

  Germany's tax on  householdselectricity bills  to finance the expansion of  renewable energies  will rise almost 50 percent on the year as the country pushes ahead with phasing out nuclear power within a decade.

The country's four main grid operators say Monday that the tax will rise from €3.6 cents to €5.3 cents ($6.7 cents) per kilowatt hour starting in January. That brings the annual cost of financing Germany's energy switchover for a family of four to about €250 ($324) per year, including  sales tax.

The tax is used to pay producers of solar, wind or biomass power guaranteed above-market rates to ensure their investment will be profitable.  

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