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

Posted Oct 27 2012 3:27am

BERLIN (AP) —  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.

Renewable energies currently produce a quarter of Germany's  electricity  but are set to account for 80 percent by 2050.

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