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Summary
Germany approved plans to finance one of Europe’s biggest expansions of gas-fired power plants, on the condition that developers convert to hydrogen in future years.
The government agreed to go ahead with four short-term tenders for up to 10 gigawatts, translating to about 15 to 20 new plants. It requires developers to upgrade stations to burn hydrogen sometime between 2035 and 2040, and also leaves open room for carbon capturing and storage technologies, according to a statement Monday.
The decision — which comes almost a year after the proposal was first unveiled — follows weeks of intense talks between Chancellor Olaf Scholz and his two coalition parties. The measure will cost between €15 billion ($16.1 billion) and €20 billion over the next 20 years, according to people familiar with the matter, and includes subsidies for investment and operational costs.
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