RWE to receive EU approval for €2.8 billion coal phase-out aid: Bloomberg News
Feb 08,2024 | DAXTROMNSOLAR
Germany's RWE, one of Europe's largest electricity producers, is set to receive €2.8 billion in aid from the European Union (EU) to support its coal phase-out plan, according to a report from Bloomberg News. The EU's approval of the financial support comes as part of Germany's efforts to transition to cleaner energy sources and reduce carbon emissions.
RWE's coal phase-out plan includes shutting down its coal-fired power plants and transitioning to renewable energy sources such as wind and solar power. The company aims to completely phase out coal by 2038, in line with Germany's deadline for ending coal-fired electricity production.
The approved aid will be used by RWE to support the closure of its coal mines and the retraining and early retirement of its coal workers. The financial assistance will help mitigate the impact of the transition on affected communities and workers, while also promoting the development of renewable energy infrastructure.
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