June 17, 2020 / 8:43 AM / 2 months ago

German energy industry sees billion-euro investments, wants lower power price

FRANKFURT (Reuters) - German utility companies association BDEW on Wednesday said the government’s stimulus package could trigger 320 billion euros (£287 billion) of investments in power generation, grids, electric charging and hydrogen by 2030 but demanded lower power prices.

A study undertaken by consultancy EY on behalf of BDEW, released at a virtual news conference, said the investments, following the cabinet’s bumper stimulus deal, could create and maintain around 271,000 jobs in energy and related industries that would participate in the activities.

The lobby urged the government to lower surcharges and taxes on electricity to help retail customers and industries that crucially depend on cheaper power as a raw material, proposing to offset fiscal shortfalls by widening mandatory carbon emissions pricing.

Reporting by Vera Eckert; editing by Thomas Seythal

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