January 29, 2020 / 9:34 AM / 18 days ago

German cabinet backs exit from coal power by 2038 at latest

BERLIN, Jan 29 (Reuters) - The German cabinet on Wednesday backed plans to exit coal as an energy source by 2038 at the latest as part of Berlin’s efforts on climate protection, a government spokesman said.

A draft law approved by the cabinet to phase out hard coal-fired power stations envisages maximum phase-out compensation of 165,000 euros ($183,051) per megawatt in 2020, falling to 155,000 euros in 2021 and 2022.

The maximum sum would drop by about 25% annually thereafter before reaching 49,000 euros in 2026. There will be no further compensation after 2026.

$1 = 0.9014 euros Reporting by Markus Wacket Writing by Paul Carrel Editing by Thomas Seythal

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