Norbolsa| Germany recorded a €2.29 billion deficit in international electricity trade last year, driven by the closure of its last nuclear power plant and cheaper foreign energy imports. Germany imported electricity at a cost of €5.7 billion in 2023, offset by export revenues of €3.5 billion, pushing Europe’s largest economy into a negative electricity trade balance for the first time in years. Germany switched off its last three nuclear power plants last March, as Berlin launches its plan for all-renewable power generation by 2035. Rising electricity imports last year helped to slash coal-fired power generation and greenhouse gas emissions, putting the country on track to meet its 2030 climate targets of a 65% reduction in emissions compared to 1990 and to be carbon neutral by 2045.
Germany ends 2023 with energy trade deficit of €2.29 billion for first time in years due to cheaper imports and nuclear shutdown
