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Germany approves landmark nuclear waste deal with utilities: source
October 19, 2016 / 8:30 AM / a year ago

Germany approves landmark nuclear waste deal with utilities: source

BERLIN (Reuters) - The German cabinet approved a deal on Wednesday for its top utilities to start paying into a 23.6-billion-euro ($25.9 billion) fund next year in return for shifting liability for nuclear waste storage to the government, a source said.

A warning sign for radioactive materials is seen in the warehouse for 'Castor' containers at 'Zwischenlager Gorleben' temporary nuclear waste storage facility in the northern German village of Gorleben near Dannenberg August 5, 2010. REUTERS/Morris Mac Matzen

The agreement removes uncertainty about the costs of storing interim and final waste and gives investors greater clarity over the future finances of E.ON, RWE, EnBW and Vattenfall [VATN.UL].

The utilities will remain responsible for dismantling the country’s nuclear plants, the last of which will be shut down in 2022 as part of Germany’s abandonment of the technology, a decision triggered by Japan’s Fukushima disaster five years ago.

Reporting by Markus Wacket; Writing by Caroline Copley; Editing by Joseph Nasr

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