Future of coal power under fire

By McClatchy Tribune News


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Coal-producing states that supply nearly half of the nation's electricity are feeling squeezed as efforts to combat global warming outpace technology needed to make the nation's most abundant fossil fuel burn more cleanly.

In 2007, proposals for 59 coal plants were scrapped in 24 states, either by state regulators concerned about the effects of carbon-dioxide emissions or by power companies worried about the future costs of pollution, according to data from the Sierra Club. Now, governors and other officials from major mining states are intensifying calls to expand technologies to reduce carbon-dioxide emissions from coal power, including a method that turns carbon dioxide into a synthetic natural gas, called gasification, or to store the emissions underground, through a process called sequestration.

"Whether you believe in global warming or not, the political and economic realities have changed, and Wyoming needs to adapt to those changes," said Gov. Dave Freudenthal, a Democrat, after signing two bills to establish new rules governing sequestration in his state, which produces more than 38 percent of the nation's coal. Seventeen states already provide financial incentives to encourage cleaner coal-burning technology.

North Dakota has the only plant that gasifies coal and pumps the synthetic natural gas to pipelines that supply the eastern United States - and also captures some of the carbon-dioxide emissions. The federal Department of Energy has helped build demonstration plants in Indiana and Florida that gasify coal to create electricity, and more than 30 proposed power plants would use similar technology, according to a February report from the National Energy Technology Laboratory (NETL).

Only three of them are in the final stages of planning or nearing construction, NETL reports. Coal is now burned in more than 600 plants to generate 49 percent of the country's current electricity, with the largest amounts of that fuel consumed in the upper Great Lakes and Southeastern states, according to the federal Energy Information Administration.

The National Mining Association (NMA) projects that the amount of coal mined this year will approach the 2006 record of 1.16 billion tons. While coal is mined in 26 states, more than two-thirds of it comes from Wyoming, West Virginia, Kentucky and Pennsylvania.

West Virginia employs the most miners, more than 20,000 in 2006. Nearly 18,000 coal miners worked in Kentucky that year and more than 5,800 in Wyoming. Although 150 new coal-fired power plants were proposed between 2000 and 2006, the bulk of those projects has been delayed or canceled, according to an October 2007 report by NETL.

More than 36,000 megawatts of electricity was scheduled to come from new coal-fired power in 2007 - enough to power roughly 36 million homes, just 4,500 megawatts was actually produced, NETL found. Carol Raulston, an NMA spokeswoman, points out that 28 new coal-fired power plants are under construction.

But clean-coal technology is not likely to be widespread commercially for 15 years to 20 years, she said. Coal is under fire for the amount of carbon dioxide the plants emit - the most prevalent greenhouse gas and widely accepted as a primary cause of global warming. Electric power generation from coal accounts for roughly 34 percent of U.S. greenhouse-gas missions.

State governments already are leading the movement to curb greenhouse gases, with 26 now requiring that a percentage of electricity come from renewable sources, such as wind and solar. Those include five of the top 10 coal-producing states - Pennsylvania, Montana, Texas, Colorado and Illinois.

Nearly all of those 26 states also have signed on to three separate, regional cap-and-trade systems that will eventually require cuts in carbon-dioxide emissions from power plants and other industrial sources. Under those systems, coal-fired power plant would be given or have to buy credits for the carbon dioxide they produce and pay for additional credits if they do not meet reduction targets.

Now, some state regulators are taking more direct aim at coal. Last year, officials in Kansas and Washington became the first in the nation to reject proposals for new coal-fired power plants specifically because of concerns over climate change.

Kansas and Washington are both involved in multi-state agreements to cap carbon-dioxide emissions. Washington also has passed a law to cut greenhouse gases in the state 50 percent below 1990 levels by 2050.

"I believe it would be irresponsible to ignore emerging information about the contribution of carbon dioxide and other greenhouse gases to climate change and the potential harm to our environment and health if we do nothing," said Roderick Bremby, secretary of the Kansas Department of Health and Environment, in written comments explaining his decision.

The Kansas Legislature passed a bill March 6 to overrule the department's denial of the power plant and block similar decisions in the future.

Gov. Kathleen Sebelius, a Democrat, has promised to veto that legislation.

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Nova Scotia regulator approves 14% electricity rate hike, defying premier

Nova Scotia Power Rate Increase 2023-2024 approved by the UARB lifts electricity rates 14 percent, citing fuel costs and investments, despite Bill 212; includes ROE 9 percent, decarbonization deferral, and a storm cost recovery rider.

 

Key Points

An approved UARB rate case raising electricity bills about 14% over 2023-2024, with ROE 9% and cost recovery tools.

✅ UARB approves average 6.9% annual increases for 2023 and 2024.

✅ Maintains 9% ROE; sets storm cost rider trial and decarbonization deferral.

✅ Government opposed via Bill 212, but settlement mostly upheld.

 

Nova Scotia regulators approved a 14 per cent electricity rate hike on Thursday, defying calls by Premier Tim Houston to reject the increase.

Rates will rise on average by 6.9 per cent each year in 2023 and 2024.

In Newfoundland and Labrador, the NL Consumer Advocate called an 18 per cent electricity rate hike unacceptable amid affordability concerns.

The Nova Scotia Utility and Review Board (UARB) issued a 203-page decision ratifying most of the elements in a settlement agreement reached between Nova Scotia Power and customer groups after Houston's government legislated a rate, spending and profit cap on the utility in November.

The board said approval was in the public interest and the increase is "reasonable and appropriate."

"The board cannot simply disallow N.S. Power's reasonable costs to make rates more affordable. These principles ensure fair rates and the financial health of a utility so it can continue to invest in the system providing services to its customers," the three-member panel wrote.

"While the board can (and has) disallowed costs found to be imprudent or unreasonable, absent such a finding, N.S. Power's costs must be reflected in the rates."

In addition to the 14 per cent hike, the board maintained Nova Scotia Power's current return on equity of 9 per cent, with an earnings band of 8.75 to 9.25 per cent. It agreed in principle to establish a decarbonization deferral account to pay for the retirement of coal plants and related decommissioning costs, and implemented a storm cost recovery rider for a three-year trial period.

The board rejected several items in the agreement, including rolling some Maritime Link transmission capital projects into consumers' rates.

Nova Scotia Power welcomed the ruling in a statement, describing it as "the culmination of an extensive and transparent regulatory process over the past year."

Natural Resources and Renewables Minister Tory Rushton, who has said the government cannot order lower power rates in Nova Scotia, stated the UARB decision was not what the government wanted, but he did not indicate the government has any plans to bring forward legislation to overturn it. 

"We're disappointed by the decision today. We've always been very clear that we were standing by ratepayers right from the get-go but we also respect the independent body of the UARB and their decision today."


Pressure from the province
Houston claimed the settlement breached his government's legislation, known as Bill 212 in Nova Scotia, which he said was intended to protect ratepayers. It capped rates to cover non-fuel costs by 1.8 per cent. It did not cap rates to cover fuel costs or energy efficiency programs.

Bill 212 was passed after the board concluded weeks of public hearings into Nova Scotia Power's request for an electricity rate increase, its first general rate application in 10 years. Nova Scotia Power is a subsidiary of Halifax-based Emera, which is a publicly traded company.

The legislation triggered credit downgrades from two credit rating agencies who said it compromised the independence of the Nova Scotia Utility and Review Board.

In Newfoundland and Labrador, electricity users have begun paying for Muskrat Falls as project costs flow through rates, highlighting broader pressures on Atlantic Canada utilities.

In its decision, the board accepted that legislation was intended to protect ratepayers but did not preclude increases in rates.

"Given the exclusion of fuel and purchased power costs when these were expected to cause significant upward pressure on rates, it also did not preclude large increases in rates. Instead, the protection afforded by the Public Utilities Act amendments appears to be focused on N.S. Power's non-fuel costs, with several amendments targeting N.S. Power's cost of capital and earnings."

The board noted the province was the only intervenor in the rate case to object to the settlement.


Opposition reaction
Rushton said despite the outcome, Bill 212 achieved its goal, which was to protect ratepayers.

"Without Bill 212 the rates would have actually been higher," he said. "It would have double-digit rates for this year and next year and now it's single digits."

NDP Leader Claudia Chender said the end result is that Nova Scotians are still facing "incredibly unaffordable power."

Similar criticism emerged in Saskatchewan after an 8 per cent SaskPower increase, which the NDP opposed during provincial debates.

"It's really unfortunate for a lot of Nova Scotians who are heading into a freezing weekend where heat is not optional."

Chender said a different legislative approach is needed to change the regulatory system, and more needs to be done to help people pay their electricity bills.

Liberal MLA Kelly Regan echoed that sentiment.

"There are lots of people who can absorb this. There are a lot of people who cannot, and those are the people that we should be worried about right now. This is why we've been saying all along the government needs to actually give money directly to Nova Scotians who need help with power rates."

Rushton said the government has introduced programs to help Nova Scotians pay for heat, including raising the income threshold to access the Heating Assistance Rebate Program and creating incentives to install heat pumps.

Elsewhere, some governments have provided a lump-sum credit on electricity bills to ease short-term costs for households.

 

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DP Energy Sells 325MW Solar Park to Medicine Hat

Saamis Solar Park advances Medicine Hat's renewable energy strategy, as DP Energy secures AUC approval for North America's largest urban solar, repurposing contaminated land; capacity phased from 325 MW toward an initial 75 MW.

 

Key Points

A 325 MW solar project in Medicine Hat, Alberta, repurposing contaminated land; phased to 75 MW under city ownership.

✅ City acquisition scales capacity to 75 MW in phased build

✅ AUC approval enables construction and grid integration

✅ Reuses phosphogypsum-impacted land near fertilizer plant

 

DP Energy, an Irish renewable energy developer, has finalized the sale of the Saamis Solar Park—a 325 megawatt (MW) solar project—to the City of Medicine Hat in Alberta, Canada. This transaction marks the development of North America's largest urban solar initiative, while mirroring other Canadian clean-energy deals such as Canadian Solar project sales that signal market depth.

Project Development and Approval

DP Energy secured development rights for the Saamis Solar Park in 2017 and obtained a development permit in 2021. In 2024, the Alberta Utilities Commission (AUC) granted approval for construction and operation, reflecting Alberta's solar growth trends in recent years, paving the way for the project's advancement.

Strategic Acquisition by Medicine Hat

The City of Medicine Hat's acquisition of the Saamis Solar Park aligns with its commitment to enhancing renewable energy infrastructure. Initially, the project was slated for a 325 MW capacity, which would significantly bolster the city's energy supply. However, the city has proposed scaling the project to a 75 MW capacity, focusing on a phased development approach, and doing so amid challenges with solar expansion in Alberta that influence siting and timing. This adjustment aims to align the project's scale with the city's current energy needs and strategic objectives.

Utilization of Contaminated Land

An innovative aspect of the Saamis Solar Park is its location on a 1,600-acre site previously affected by industrial activity. The land, near Medicine Hat's fertilizer plant, was previously compromised by phosphogypsum—a byproduct of fertilizer production. DP Energy's decision to develop the solar park on this site exemplifies a productive reuse of contaminated land, transforming it into a source of clean energy.

Benefits to Medicine Hat

The development of the Saamis Solar Park is poised to deliver multiple benefits to Medicine Hat:

  • Energy Supply Enhancement: The project will augment the city's energy grid, much like municipal solar projects that provide local power, providing a substantial portion of its electricity needs.

  • Economic Advantages: The city anticipates financial savings by reducing carbon tax liabilities, as lower-cost solar contracts have shown competitiveness, through the generation of renewable energy.

  • Environmental Impact: By investing in renewable energy, Medicine Hat aims to reduce its carbon footprint and contribute to global sustainability efforts.

DP Energy's Ongoing Commitment

Despite the sale, DP Energy maintains a strong presence in Canada, where Indigenous-led generation is expanding, with a diverse portfolio of renewable energy projects, including solar, onshore wind, storage, and offshore wind initiatives. The company continues to focus on sustainable development practices, striving to minimize environmental impact while maximizing energy production efficiency.

The transfer of the Saamis Solar Park to the City of Medicine Hat represents a significant milestone in renewable energy development. It showcases effective land reutilization, strategic urban planning, and a shared commitment to sustainable energy solutions, aligning with federal green electricity procurement that reinforces market demand. This project not only enhances the city's energy infrastructure but also sets a precedent for integrating large-scale renewable energy projects within urban environments.

 

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Ontario Businesses To See Full Impact of 2021 Electricity Rate Reductions

Ontario Comprehensive Electricity Plan delivers Global Adjustment reductions for industrial and commercial non-RPP customers, lowering electricity rates, shifting renewable energy costs, and enhancing competitiveness across Ontario businesses in 2022, with additional 4 percent savings.

 

Key Points

Ontario's plan lowers Global Adjustment by shifting renewable costs, cutting industrial and commercial bills 15-17%.

✅ Shifts above-market non-hydro renewable costs to the Province

✅ Reduces GA for industrial and commercial non-RPP customers

✅ Additional 4% savings on 2022 bills after GA deferral

 

As of January 1, 2022, industrial and commercial electricity customers will benefit from the full savings introduced through the Ontario government’s Comprehensive Electricity Plan, which supports stable electricity pricing for industrial and commercial companies, announced in Budget 2020, and first implemented in January 2021. This year customers could see an additional four percent savings compared to their bills last year, bringing the full savings from the Comprehensive Electricity Plan to between 15 and 17 per cent, making Ontario a more competitive place to do business.

“Our Comprehensive Electricity Plan has helped reverse the trend of skyrocketing electricity prices that drove jobs out of Ontario,” said Todd Smith, Minister of Energy. “Over 50,000 customers are benefiting from our government’s plan which has reduced electricity rates on clean and reliable power, allowing them to focus on reinvesting in their operations and creating jobs here at home.”

Starting on January 1, 2021, the Comprehensive Electricity Plan reduced overall Global Adjustment (GA) costs for industrial and commercial customers who do not participate in the Regulated Price Plan (RPP) by shifting the forecast above-market costs of non-hydro renewable energy, such as wind, solar and bioenergy, from the rate base to the Province, alongside energy-efficiency programs that complement demand reduction efforts.

“Since taking office, our government has listened to job creators and worked to lower the costs of doing business in the province. Through these significant reductions in electricity prices through the Comprehensive Electricity Plan, customers all across Ontario will benefit from significant savings in their business operations in 2022,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “By continuing to reduce electricity costs, lowering taxes, and cutting red tape our government has reduced the cost of doing business in Ontario by nearly $7 billion annually to ensure that we remain competitive, innovative and poised for economic recovery.”

As part of its COVID response, including electricity relief for families and small businesses, Ontario had deferred a portion of GA between April and June 2020 for industrial and non-RPP commercial customers, with more than 50,000 customers benefiting. Those same businesses paid back these deferred GA costs over 12 months, between January 2021 and December 2021, while the province prepared to extend disconnect moratoriums for residential customers.

During the pandemic, residential electricity use rose even as overall consumption dropped, underscoring shifts in load patterns.

Now that the GA deferral repayment period is over, industrial and non-RPP commercial customers will benefit from the full cost reductions provided to them by the Comprehensive Electricity Plan, alongside temporary off-peak rate relief that supported families and small businesses. This means that, beginning January 1, 2022, these businesses could see an additional four per cent savings on their bills compared to 2021, as new ultra-low overnight pricing options emerge depending on their location and consumption.

 

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B.C. Hydro doing good job managing billions in capital assets, says auditor

BC Hydro Asset Management Audit confirms disciplined oversight of dams, generators, power lines, substations, and transformers, with robust lifecycle planning, reliability metrics, and capital investment sustaining aging infrastructure and near full-capacity performance.

 

Key Points

Audit confirming BC Hydro's asset governance and lifecycle planning, ensuring safe, reliable grid infrastructure.

✅ $25B in assets; many facilities operating near full capacity.

✅ 80% of assets are dams, generators, lines, poles, substations, transformers.

✅ $2.5B invested in renewal, repair, and replacement in fiscal 2018.

 

A report by B.C.’s auditor-general says B.C. Hydro is doing a good job managing the province’s dams, generating stations and power lines, including storm response during severe weather events.

Carol Bellringer says in the audit that B.C. Hydro’s assets are valued at more than $25 billion and even though some generating facilities are more than 85 years old they continue to operate near full-capacity and can accommodate holiday demand peaks when needed.

The report says about 80 per cent of Hydro’s assets are dams, generators, power lines, poles, substations and transformers that are used to provide electrical service to B.C., where residential electricity use shifted during the pandemic.

The audit says Hydro invested almost $2.5 billion to renew, repair or replace the assets it manages during the last fiscal year, ending March 31, 2018, and, in a broader context, bill relief has been offered to only part of the province.

Bellringer’s audit doesn’t examine the $10.7 billion Site C dam project, which is currently under construction in northeast B.C. and not slated for completion until 2024.

She says the audit examined whether B.C. Hydro has the information, practices, processes and systems needed to support good asset management, at a time when other utilities are dealing with pandemic impacts on operations.

 

 

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Nuclear Innovation Needed for American Energy, Environmental Future

Advanced Nuclear Technology drives decarbonization through innovation, SMRs, and a stable grid, bolstering U.S. leadership, energy security, and clean power exports under supportive regulation and policy to meet climate goals cost-effectively.

 

Key Points

Advanced nuclear technology uses SMRs to deliver low-carbon, reliable power and strengthen energy security.

✅ Accelerates decarbonization with firm, low-carbon baseload power

✅ Enhances grid reliability via SMRs and advanced fuel cycles

✅ Supports U.S. leadership through exports, R&D, and modern regulation

 

The most cost-effective way--indeed the only reasonable way-- to reduce greenhouse gas emissions and foster our national economic and security interests is through innovation, especially next-gen nuclear power innovation. That's from Rep. Greg Walden, R-Oregon, ranking Republican member of the House Energy and Commerce Committee, speaking to a Subcommittee on Energy hearing titled, "Building a 100 Percent Clean Economy: Advanced Nuclear Technology's Role in a Decarbonized Future."

Here are the balance of his remarks.

Encouraging the deployment of atomic energy technology, strengthening our nuclear industrial base, implementing policies that helps reassert U.S. nuclear leadership globally... all provide a promising path to meet both our environmental and energy security priorities. In fact, it's the only way to meet these priorities.

So today can help us focus on what is possible and what is necessary to build on recent policies we've enacted to ensure we have the right regulatory landscape, the right policies to strengthen our domestic civil industry, and the advanced nuclear reactors on the horizon.

U.S. global leadership here is sorely needed. Exporting clean power and clean power technologies will do more to drive down global Co2 emissions on the path to net-zero emissions worldwide than arbitrary caps that countries fail to meet.

In May last year, the International Energy Agency released an informative report on the role of nuclear power in clean energy systems; it did not find current trends encouraging.

The report noted that nuclear and hydropower "form the backbone of low-carbon electricity generation," responsible for three-quarters of global low-carbon generation and the reduction of over 60 gigatons of carbon dioxide emissions over the past 50 years.

Yet IEA found in advanced economies, nuclear power is in decline, with closing plants and little new investment, "just when the world requires more low-carbon electricity."

There are various reasons for this, some relating to cost overruns and delays, others to policies that fail to value the "low-carbon and energy security attributes" of nuclear. In any case, the report found this failure to encourage nuclear will undermine global efforts to develop cleaner electricity systems.

Germany demonstrates the problem. As it chose to shut down its nuclear industry, it has doubled down on expanding renewables like solar and wind. Ironically, to make this work, it also doubled down on coal. This nuclear phase out has cost Germany $12 billion a year, 70% of which is from increased mortality risk from stronger air pollutants (this according to the National Bureau of Economic Research). If other less technologically advanced nations even could match the rate of renewables growth reached by Germany, they would only hit about a fifth of what is necessary to reach climate goals--and with more expensive energy. So, would they then be forced to bring online even more coal-fired sources than Germany?

On the other hand, as outlined by the authors of the pro-nuclear book "A Bright Future," France and Sweden have both demonstrated in the 1970s and 1980s, how to do it. They showed that the build out of nuclear can be done at five times the rate of Germany's experience with renewables, with increased electricity production and relatively lower prices.

I think the answer is obvious about the importance of nuclear. The question will be "can the United States take the lead going forward?"

We can help to do this in Congress if we fully acknowledge what U.S. leadership on nuclear will mean--both for cleaner power and industrial systems beyond electricity, here and abroad--and for the ever-important national security attributes of a strong U.S. industry.

Witnesses have noted in recent hearings that recognizing how U.S. energy and climate policy effects energy and energy technology relationships world-wide is critical to addressing emissions where they are growing the fastest and for strengthening our national security relationships.

Resurrecting technological leadership in nuclear technology around the world will meet our broader national and energy security reasons--much as unleashing U.S. LNG from our shale revolution restored our ability to counter Russia in energy markets, while also driving cleaner technology. Our nuclear energy exports boost our national security priorities.

We on Energy and Commerce have been working, in a bipartisan manner over the past few Congresses to enhance U.S. nuclear policies. There is most certainly more to do. And I think today's hearing will help us explore what can be done, both administratively and legislatively, to pave the way for advanced nuclear energy.

Let me welcome the panel today. Which, I'm pleased to see, represents several important perspectives, including industry, regulatory, safety, and international expertise, to two innovative companies--Terrapower and my home state of Oregon's NuScale. All of these witnesses can speak to what we need to do to build, operate and lead with these new technologies.

We should work to get our nation's nuclear policy in order, learning from global frameworks like the green industrial revolution abroad. Today represents a good step in that effort.

 

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A resilient Germany is weathering the energy crunch

German Energy Price Brakes harness price signals in a market-based policy, cutting gas consumption, preserving industrial output, and supporting CO2 reduction, showcasing Germany's resilience and adaptation while protecting households and businesses across Europe.

 

Key Points

Fixed-amount subsidies preserving price signals to curb gas use, shield consumers, and sustain industrial output.

✅ Maintains incentives via market-based price signals

✅ Cuts gas consumption without distorting EU markets

✅ Protects households and industry while curbing CO2

 

German industry and society are once again proving much more resilient and adaptable than certain people feared. Horror scenarios of a dangerous energy rationing or a massive slump in our economy have often been bandied about. But we are nowhere near that. With a challenging year just behind us, this is good news — not only for Germany, but also for Europe, where France-Germany energy cooperation has strengthened solidarity.

Companies and households reacted swiftly to the sharp increases in energy prices, in line with momentum in the global energy transition seen across markets. They installed more efficient heating or production facilities, switched to alternatives and imported intermediate products. The results are encouraging: German households and businesses have reduced gas consumption significantly, despite recent cold weather. From the start of the war in Ukraine to mid-December industrial gas consumption in Germany was (temperature-adjusted) around 20 per cent lower than the average level for the preceding three years. Even if some firms have cut back production, especially in energy-intensive sectors, industrial output as a whole has only fallen by about 1 per cent since the start of 2022. Added to this, in a survey released by the Ifo institute in November, over a third of German companies saw the potential to reduce gas consumption further without endangering output.

Instead of imposing excessive laws and regulations, we have relied on price signals and the prudence of market participants to create the right incentives and reduce gas consumption, as falling costs like record-low solar power prices continue to reinforce those signals across sectors.

We will follow this approach in coming months, when energy savings will remain important, even as the EU electricity outlook anticipates sharply higher demand by 2050. Our latest relief measures will not distort price signals. To this end, the Bundestag approved gas and electricity price brakes in its final session in 2022. They are designed to function without any intervention in markets or prices. This system will pay out a fixed amount relative to previous years’ consumption and the current difference to a reference price — regardless of current consumption.

Energy price brakes are the main component of Germany’s “protective shield”, which makes up to €200bn available for measures in 2022 to 2024. Seen in relation to the German economy’s size, its past heavy reliance on Russian energy imports and the fact that the measures will expire in 2024, these are balanced and expedient mechanisms. In contrast to instruments used in other countries, our new arrangements will not affect the price formation process driven by supply and demand, or on incentives to save gas. Companies and households will continue to save the full market price when they reduce consumption by a unit of gas or electricity. In this way, the price brakes also avoid the creation of additional demand for gas at the expense of consumers in other European countries, even as Europe’s Big Oil turning electric signals broader structural shifts in energy markets. No one need fear that competition will be distorted or that gas will be bought up. Indeed, a recent IMF working paper on cushioning the impact of high energy prices on households explicitly praises the German energy price brakes.

Current developments confirm the effectiveness of a market-based approach — and show that we should also rely on price signals when it comes to reducing CO₂ emissions, as suggested by IEA CO2 trends in recent years. Last year, households and companies had only a few weeks to adapt, yet we have already seen a strong response. The effect of CO₂ prices can be even stronger, as adaptation is possible over a much longer time and they additionally affect expectations and long-term decisions. Regulatory interventions and subsidy schemes, even if well targeted, cannot compete with market co-ordination and incentives that support individual decision-making and promote innovation.

Europe and Germany can weather this crisis without a collapse in industrial production. We also have an opportunity to deal efficiently with the move to climate neutrality, aligned with Germany’s hydrogen strategy for imported low-carbon fuels. In both cases, we should have confidence in price signals as well as in the power of people and business to innovate and adapt.

 

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