On Tuesday, German Chancellor Angela Merkel announced Germany’s plan to eliminate the country’s nuclear power plants.
In 2010, it was agreed that these plants would remain open until at least 2036, but the recent nuclear meltdown at Japan’s Fukushima power plant — a result of the earthquake and tsunami — caused officials to reassess this decision.
Of Germany’s 17 nuclear plants, the seven oldest will be shut down immediately.
The new plan proposes a total nuclear phase-out by 2022.
What does this mean for energy in Germany?
The subsequent focus will fall upon renewable energy. Germany has always been a leader in solar energy, and here arises the opportunity for this to snowball.
The goal, alongside the phase out, is to double output of renewable energy to 35%.
As a result, solar stocks have spiked since this announcement on Tuesday.
This includes a rise in American solar stocks.
Conversely, uranium stocks have fallen quickly, feeling the pressure of the plan based on renewable sources.
Last week, Switzerland had announced a decision similar to Germany’s.
The American government remains steady in the nuclear advancement plan, but who’s to tell what impact these global changes may have on the United States in the future.
Until next time,