Germany goes green, forces energy companies abroad - energy storage companies
According to the German Chamber of Commerce, heavy industry companies in one quarter are considering reducing production in Germany.
BASF is not expanding in Germany, but in the United States, investing $1 billion a year. Munich-
WackerChemie, Tennessee-based, is building a $2 billion factory, and Siemens recently took another step away from domestic production when it acquired USDresser --Rand for $7. 6 billion.
The cheap and rapid production of the US shale industry has attracted Europeans into the US chemical industry.
Lower energy costs make it more profitable than Europe, which is more popular.
"As Germany faces an increasing energy price disadvantage, German industry is in an increasingly unfavorable position.
Electricity prices in Germany rose approximately60 Averageindustrial hundred percent since 2007, although prices have increased by less than 10% in the United States and China, "market research firm IHS wrote a study published earlier this year.
40% of German industrial energy costs have been cut, the highest in the EU.
After the Fukushima disaster in 2011, German Chancellor Angela Merkel decided to abandon all nuclear power and has been pursuing a radical renewable energy strategy.
Consumers pay for the change.
In 2013, they paid 20 billion euros in energy costs from renewable sources, and in the global market they could have obtained an equal number of kilowatts in euros.
Germany hopes to increase its use of green energy from the current quarter to 60% by 2035, and will spend 550 billion euros on renewable energy in the next 26 years.
Now, one quarter of Germany's energy is subsidized by big companies, such as wind energy and solar energy.
Germany subsidizes renewable energy by $16 billion a year, an innovation that costs both companies and consumers.
German energy prices have soared and consumers have been hurt, above the European average.
The electricity bill in this country is about 1 pound.
The average price across the EU is 2 euro cents higher.
BASF, with 33,000 employees, is one of the major contributors to the $1 in Germany.
5 trillion of economic growth has recently shown signs of slowing down its 2014 growth forecast to 1. 2percent.
Together with China, the United States, Brazil and Canada, Germany is one of the six largest renewable energy countries in the world.