December 16, 2019 / 11:23 AM / 2 months ago

Coal exit law won't be approved by the German cabinet this year - ministry

BERLIN, Dec 16 (Reuters) - A law to compensate utilities for phasing out power in Germany will no not be approved by the German cabinet this year, an Economy Ministry spokesman said on Monday.

The spokesman added that ministries were still coordinating on the law.

In an effort to meet its climate protection targets under international and European rules, Germany has decided to stop using coal for energy generation by 2038, a move that could prompt billions of euros in compensation payments for utilities.

Reporting by Thomas Seythal Writing by Michelle Martin Editing by Tassilo Hummel

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