By Nina Chestney and Jackie Cowhig
Tue. May 31, 9:10 am ET
LONDON (Reuters) – Germany’s plan to shut all its nuclear power plants by 2022 will add up to 40 million tones of carbon dioxide emissions annually as the country turns to fossil fuels, analysts said on Tuesday.
The extra emissions would increase demand for carbon permits under the European Union’s trading scheme, thereby adding a little to carbon prices and pollution costs for EU industry.
“We will see a pick-up in German coal burn,” said Barclays Capital analyst Amrita Sen. “Longer term, they will be using more renewables and gas but this year and next, we should see a lot of support for coal burn.”