By May 2015, Germans will pay 85% less for electricity than their counterparts across the channel. Within two years, UK energy prices is predicted to hit £53.06 per megawatt-hour, while the same amount of electricity will cost only €33.30 in Germany. The eye-popping statistic comes from a set of data gathered by Bloomberg. It is thought that the huge variation in prices is due to Germany’s concerted effort to introduce renewables into its energy infrastructure. Indeed, renewables presently make up about a third of Germany’s energy generation, while the number stands at a paltry 11% in the UK.
Simon Daniel of Moixa Technology attributes the reason for Germany’s lower energy prices to the subsidy program for energy storage systems in solar installations. He added that keeping power in reserve for use at night is “is helping our European neighbour to realise the full potential of renewable technology”.
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