Iberdrola’s executive chair has warned power prices can jump by more than 25 per cent if Spain repeats the “big mistake” made by Germany of shutting down its nuclear power plants.
Ignacio Galán told the Financial Times the Spanish public would pay much higher prices and get a less reliable system if Madrid proceeded with plans to phase out all seven operating nuclear reactors in the country by 2035.
He said there was a need for “pragmatism” from policymakers, noting that the global debate was shifting in favour of prolonging the lifespan of nuclear energy plants or reopening decommissioned sites in the US, Belgium and Germany.
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