April 30, 2018 / 10:37 AM / 9 months ago

RWE, Vattenfall due 1 billion euros for German nuclear exit: Draft Law

FRANKFURT (Reuters) - Utility companies RWE (RWEG.DE) and Vattenfall [VATN.UL] could receive compensation of up to 1 billion euros ($1.21 billion)for lost income from Germany’s policy to decommission nuclear power by the end of 2022, according to a draft law seen by Reuters.

Compensation payments for utilities will not exceed a low single-digit billion euros amount and will more likely be in the high three-digit-million euros range, according to a draft proposal being reviewed by Germany’s Federal Environment Ministry.

The precise compensation sum depends on electricity prices, and will be finalised in 2023, the proposal showed.

Germany’s Tageszeitung was first to report on the compensation amount.

($1 = 0.8256 euros)

Reporting by Hans Edzard Busemann; writing by Edward Taylor; editing by Tom Sims

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