WSJ: Germany Must Focus on Cost-Effective Renewable Energy
Germany needs to focus on cost-effective renewable energy sources and start drilling for shale gas to avoid sapping its wealth while cutting carbon emissions, said energy expert Daniel Yergin.
Europe's largest economy is pursuing one of the world's most ambitious climate-protection strategies, aiming by midcentury to nearly eliminate greenhouse gas emissions. To achieve this it plans to drop all nuclear and most fossil-fueled power generation in favor of alternatives like wind and solar power.
But the shift, financed through surcharges on power bills, has sent electricity prices soaring. Companies say they face a competitive disadvantage in Germany compared with the U.S. and other locations.