germany to end nuclear power

From today's The Australian

Germany announces end to nuclear power by 2022

GERMANY will shut down all its nuclear plants by 2022, and eight reactors shut down after Japan's nuclear disaster in March will not be reactivated, the government has announced.

The decision, announced by Environment Minister Norbert Roettgen, came after a meeting of leaders of the ruling coalition headed by Chancellor Angela Merkel, which lasted from Sunday evening (local time) into the early hours of today.

It will make Germany the first major industrial power to give up atomic power."

http://www.theaustralian.com.au/business/news/germany-announces-end-to-nuclear-power-by-2022/story-e6frg90f-1226065550147 (There is more detail in the paper copy).

Over 20% of Germany's current fuel mix is nuclear. ALL of this will need to be progressively replaced over the next 11 years. Germany also has ambitious carbon reduction targets, so this bodes very well for the demand for gas.

After the Japanese disaster, the game has completely changed for gas. Just the Fukushima plants by themselves are the equivalant of 8mtpa of LNG - or the entire two-train output of GLNG. That is before any other nuclear is decommisisoned or deferred in Japan and Germany.

First Japan switching out of nuclear, now Germany. And still the issue of carbon reduction out there...

Gas is becoming an increasingly valuable fuel. A good time to own a company like ESG which is on the market to be taken over, with world class unallocated gas reserves and resources.

Yaq