Germany investor confidence falls as govt suspends 7 nuclear plants

15 March 2011 15:31  [Source: ICIS news]

TORONTO (ICIS)--Germany’s investor confidence fell for the first time in six months in March as the country’s government suspended operations at seven older nuclear plants on Tuesday because of the nuclear crisis in Japan.

Mannheim-based ZEW Centre for European Economic Research said its widely-followed investor confidence index fell 1.6 points in March, to 14.1 points.

The centre pointed, in particular, to impacts from the earthquake in Japan, which could slow down "the dynamics" of Germany's economic growth in the short run, it said.

Meanwhile, Germany’s government said it suspended operations at seven nuclear power plants, all built before 1980, subject to safety checks in light of the problems at nuclear facilities in Japan after the earthquake and tsunami there.

The government also suspended, for three months, a recent move to extend operations of the country’s nuclear industry to 2036 from 2022.

While Germany was not exposed to earthquakes or tsunamis, the “apocalyptic” dimensions of the Japanese nuclear catastrophe were casting doubts on the safety of nuclear plants worldwide, Chancellor Angela Merkel said in a press briefing.

Germany's chemical and energy union IG BCE welcomed the government’s measures, but said they did not go far enough.

Union head Michael Vassiliadis said the earlier move to extend the life-span of Germany’s nuclear plants had been wrong. He called on the country to quickly exit nuclear power generation.

The government should shift energy policies towards clean-coal technologies and carbon capture and storage, he added.


By: Stefan Baumgarten
+1 713 525 2653



AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

ICIS news FREE TRIAL
Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index