Bayer chief warns firms may leave Germany over energy costs

6th August 2011, Comments 0 comments

The head of German chemicals and drugs giant Bayer warned Saturday that major companies may consider leaving Germany over rising energy costs linked with Berlin's decision to abandon nuclear power.

In an interview with weekly Wirtschaftswoche, Bayer chief Marijn Dekkers said Germany's decision to phase out nuclear power in the wake of the Fukushima disaster would put financial strain on his company.

"Germany is becoming less attractive as a production site for the chemical industry, which is a heavy consumer of energy. Energy prices will continue to rise and they are already the highest in the EU," he said.

"It is important that we remain competitive in comparison with other countries. If not, a company of global stature like Bayer can think about moving its production to countries where energy costs are lower," he said.

The German parliament sealed plans last month to phase out nuclear energy by 2022, making the country the first major industrial power to take the step in the wake of the disaster at Japan's Fukushima plant.

© 2011 AFP

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