Will fuel prices push Germany to nuclear power?

Stock market price for electricity has risen by 140% since January in Germany. Experts say energy prices are driven up by natural gas cost, which has surged by 440% since the beginning of 2021.

Energy prices for households in Germany have surged only 4.7% in the first half of 2021, but a lot of consumers are concerned about the market costs that keep rising and could soon be passed on to their wallets.

Germany pays the most for electricity in Europe, with around 50% of the cost funded by tax payers and levies while the country keeps an eye on transition to renewable energy.

About 25% of Germany’s electricity comes from coal and about another 25% from renewable sources, while 16% from natural gas and around 11% from nuclear energy.

Next December, 50% of Germany’s remaining nuclear reactors are scheduled to be taken offline. The other 50% are to cease operation next year as per the government’s plan to go nuclear-free. That shift could potentially drive energy prices even higher as Germany also moves away from coal.

75% of Germans want their government to take tougher measures to combat price rises, and 31% said they support keeping nuclear power if it would stabilize electricity prices, according to a poll by the price comparison service Verivox in a study surveyed 1,000 people in September 2021.