'Dark Lull' In German Energy Transition Sparks Political Debate [Barron's]
DEUTSCHE BOERSE UNSP/ADR (DBOEY)
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Source: Barrons
Twice in recent months electricity prices temporarily spiked in Europe's top economy because of a lack of both sunlight and wind to power its solar panels and turbines. The phenomenon -- dubbed a "dark lull" -- briefly sent the price soaring to 936 euros ($972) per megawatt hour on December 12, twelve times the average for the preceding weeks. Conservative opposition leader Friedrich Merz, whose CSU/CDU is widely expected to win the elections, seized on the issue to attack centre-left Chancellor Olaf Scholz. In Europe's interconnected energy market, Merz told Scholz that "your energy policies are setting teeth on edge across the European Union, which is very angry with Germany". The comment was rejected by the Greens, who have long been the political driving force behind Germany's transition away from fossil fuel and nuclear power and toward clean renewables. The Greens' Vice Chancellor and Economy Minister Robert Habeck hit back that previous CDU/CSU-led governments under
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