Germany’s upper house approves Merkel’s plan for nuclear industry

26 November 2010 14:55  [Source: ICIS news]

TORONTO (ICIS)--Germany’s upper house, the Bundesrat, on Friday approved Chancellor Angela Merkel's plan to extend the lifespan of the country’s nuclear plants by an average 12 years, and to impose a special tax on the nuclear industry.

German industry leaders, including BASF CEO Jurgen Hambrecht, had earlier protested against the tax levy, which is expected to generate around €2.3bn ($3.1bn) a year in additional revenues for Merkel to help cut the country's budget deficit.

Meanwhile, the last of Germany's 17 nuclear power plants is now expected to stop producing by around 2036. An earlier government under former chancellor Gerhard Schroeder had committed the country to phasing out production by 2022.

Kurt Beck, minister president (governor) of BASF’s home state of Rhineland-Palatinate, told the media that he and other states led by the opposition Social Democrats remained opposed to the plan and were considering a constitutional challenge.

($1 = €0.75)

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