Neues vom Wirtschaftskrieg (174): Abkehr von Russland kostet 440 Mrd. Euro

In Frankreich, Deutschland und UK schnellt der Strompreis in die Höhe. Intel rückt vom Bau einer Chipfabrik in Deutschland ab. Und die durch die Abkehr von Russland nötig gewordene Rettung des deutschen Energiesystems kostet 440 Mrd. Euro – bisher.

• Rettung des deutschen Energiesystems kostet 440 Mrd. Euro – bisher. Germany is bleeding cash to keep the lights on. Almost half a trillion dollars, and counting, since the Ukraine war jolted it into an energy crisis nine months ago. That’s the cumulative scale of the bailouts and schemes the Berlin government has launched to prop up the country’s energy system since prices rocketed and it lost access to gas from main supplier Russia, according to Reuters calculations. And it may not be enough. “How severe this crisis will be and how long it will last greatly depends on how the energy crisis will develop,” said Michael Groemling at the German Economic Institute (IW). “The national economy as a whole is facing a huge loss of wealth.” The money set aside stands at up to 440 billion euros ($465 billion), according to the calculations, which provide the first combined tally of all of Germany’s drives aimed at avoiding running out of power and securing new sources of energy. (Reuters) – Die Zahl muß man ins Verhältnis zu den EU-Bemühungen setzen. Der gesamte Corona-Wiederaufbauplan kostet “nur” 750 Mrd. Euro – für 27 EU-Staaten, auf mehrere Jahre verteilt. Deutschland hat also schon mehr als die Hälfte dessen ausgegeben, was alle 27 Mitgliedsländer erst in ein paar Jahren erwarten dürfen…
• Intel rückt von Bau einer Chipfabrik in Deutschland ab. U.S. tech giant Intel is backing away from plans to start construction in the first half of 2023 on a “mega-fab” semiconductor plant in Germany, according to media outlet Volksstimme. Intel earlier this year committed an initial investment of €17 billion into the facility in the German city of Magdeburg. The planned investment, announced in March, could grow to more than three times that amount, according to the company. The company had said construction was expected to begin in the first half of next year, with production planned to come online in 2027. But Intel now sees a “difficult market situation” and can no longer commit to the planned start date for construction, Volksstimme reported, pointing to increased costs and a call for higher government subsidies. The German government has pledge to invest at least €6.8 billion in the Magdeburg facility. (Politico)
• Strompreis schnellt in die Höhe. Intraday prices in France traded at more than €600 ($638) per megawatt hour for some half-hour periods, with levels in Germany and the UK not far behind. It’s the price Europe is paying this winter for its reliance on natural gas to keep the lights on when cold snaps coincide with windless conditions. “Despite this grim scenario for the week, we could see that the electricity system is coping relatively well with the situation, albeit power prices suffered a significant increase,” analysts at RBC wrote in a note. Relatively little power is sold in the intraday market compared to the much larger market for longer-term contracts where most electricity is guaranteed. But it’s where the system is fine tuned to make sure supply meets demand. (Bloomberg/Yahoo)

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