PIF announces pricing of $1.25 billion international sukuk offering    GAMI is organizing Saudi pavilion at Athens International Defense and Security Exhibition    Businesses count costs as India and Bangladesh impose trade restrictions    Israel fires largely controlled after mass evacuations    Donald Trump looms large over Australia's election    Trump ousts Waltz as national security adviser, nominates him for UN post    Saudi economy posts 2.7% growth in 1Q 2025    Saudi Arabia to rehabilitate six hospitals in Sudan    New Parkinson's Pump therapy introduced at King's College Hospital London in Dubai First-of-its-kind treatment offers a new lease on life for the youngest Parkinson's patient in the UAE and MENA region    Over 650,000 visit Saudi Arabia's 'Jusoor' exhibition in Jakarta in just six days    Makkah Mayoralty approves 3,149 Hajj housing permits for over 1.8 million pilgrims    King Charles sends heartfelt message to fellow cancer patients    FlyAkeed unveils AkeedAI at ATM Dubai — redefining the future of corporate travel with agentic intelligence    Al Nassr crash out as Kawasaki Frontale reach AFC Champions League Elite final    HR Ministry approves regulations for job ads and interviews in private sector    Saudi Transplant Congress discusses scientific advancements and innovations on organ donation and transplantation    Al Ahli stun Al Hilal to reach AFC Champions League Elite final    SR200,000 reward for each player of the Saudi club winning AFC Champions League title    William and Kate celebrate anniversary on Isle of Mull    Duran leads Al Nassr past Yokohama Marinos into AFC Champions League Elite semi-finals    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Energy company Eon to challenge Germany's nuclear plans
Published in Saudi Press Agency on 31 - 05 - 2011


Germany's biggest nuclear power operator Eon is to
challenge the government's decision to retain a tax on nuclear fuel, dpa quoted
the company as saying Tuesday.
The announcement came the day after the government said it would
shut down all of the country's nuclear power plants by 2022.
While Eon recognized the overwhelming political will to phase out
nuclear power, "the company at the same time of course expects the
necessary compensation for the losses, amounting to billions,
connected with the decision," the company said.
Last year Chancellor Angela Merkel's government overturned
legislation passed by a previous Social Democrat (SPD)-Green
government, to shut down all nuclear power stations by 2021.
It announced plans instead to extend the life span of the
country's nuclear plants by an average of 12 years. It also
introduced the tax on nuclear fuel.
But after the crisis at the Japanese Fukushima nuclear power plant
earlier this year, the government backtracked, imposing a moratorium
on seven of the oldest plants.
Eon had already invested large amounts of money after the initial
legislation to extend the life of nuclear power plants, it said
Tuesday.
The "double burden" would put the company at a "disproportionate
disadvantage in the European market," Eon said.
"The company will put down its losses in concrete figures, present
them to the government and will initially look for negotiations, in
order to avoid a legal dispute," Eon said.
The company's chief executive, Johannes Teyssen, said at the
beginning of May that the company would decide by the end of the
month whether to challenge the nuclear fuel tax in court.
The tax would have enriched state coffers by 2.3 billion euros
(3.3 billion dollars) per year until 2016, though if the eight power
plants currently shut down remain closed, that would reduce it to 1.3
billion euros.
The energy company RWE said Monday it would reserve the right to
challenge the legislation in court. The company has also challenged
the moratorium on the power plants currently closed.
Meanwhile, the parliamentary leader of the Green party, Juergen
Trittin criticized the shutdown plans.
"That means we're going into a situation, with our eyes open, in
which network stability and security of supply are endangered," he
said.
Earlier Tuesday, the state of Baden-Wuerttemberg, the only state
to be led by the Greens, urged the building of gas-fired power plants
to replace nuclear ones, saying that gas-fired stations were "highly
efficient" and produced less harmful pollution.
The national leader of the Greens, Cem Oezdemir, said his party's
support for the laws depended on improvements.
Chancellor Angela Merkel, who has emphasized her wish to gain
cross-party and state support for her government's plans, is to meet
with state leaders on Friday.


Clic here to read the story from its source.