January 28, 2020 / 3:09 PM / 19 days ago

Germany plans phase-out of compensation for hard coal plants: sources

FILE PHOTO: The Neurath lignite power plants of German utility RWE is seen during sunset near Grevenbroich, north-west of Cologne, Germany, January 16, 2020. REUTERS/Wolfgang Rattay/File Photo

BERLIN (Reuters) - German government draft plans to phase out hard coal-fired power stations envisage maximum phase-out compensation of 165,000 euros ($183,051) per megawatt between 2020 and 2022, three sources familiar with the matter said on Tuesday.

The draft law, part of the government’s efforts on climate protection, foresees an annual 25% decrease in the maximum compensation in the following years, with no further compensation after 2026, the sources added.

The cabinet will discuss the draft law on Wednesday and the lower house of parliament will hold a vote on the law later this year.

Reporting by Markus Wacket and Holger Hansen; Writing by Paul Carrel; Editing by Joseph Nasr

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