Renewable Subsidies ‘Unaffordable’ at $725 Billion, Bank Says
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The cost of subsidizing renewables in Europe’s five largest power markets is becoming unaffordable for consumers and utilities who will share the 570 billion-euro ($725 billion) bill, according to Credit Suisse Group AG.
Utilities in Germany, France, the U.K., Spain and Italy will incur 148 billion euros of the total cost of subsidies granted so far, with EON AG and RWE AG the most exposed, the bank said today in a report. Consumers are likely to bear the remaining 422 billion euros in costs, based on current values.