EON to sue Germany over nuclear exit

, Comments 0 comments

EON, Germany's biggest power supplier, is filing a complaint with Germany's highest court, demanding compensation for the government's decision to abandon nuclear energy, a spokesman said Monday.

"We will file a complaint today" with the German constitutional court, the spokesman told AFP.

He said the complaint was not about the pull-out from nuclear energy per se, which is largely the will of the German population, but about the lack of compensation for the companies affected by the energy policy U-turn.

"We owe it to our shareholders to take action given the absence of a compensation clause," he said.

Last week, EON said its profits fell sharply in the first nine months owing to the shutdown of power plants as part of Germany's policy to abandon nuclear energy.

In the wake of the nuclear disaster in Fukushima, Japan, the German government decided to phase out nuclear power, forcing energy suppliers to shutdown their profitable large-scale power plants and also levying a tax on the reactors' fuel for their remaining lifespan.

© 2011 AFP

0 Comments To This Article