Germany Gets EU Nod for $35 Billion Gas Plant Plan Amid Energy Security Concerns

The European Commission has given Germany the green light to build up to 11 GW of new gas-fired power plants by 2031, a move that's part of the country's efforts to ensure energy security. The approval comes with a state aid program worth up to 35 billion euros, which will be used to support the construction of these new plants.

The plan is for these new power plants to initially run on natural gas, but they'll be required to switch to environmentally friendly hydrogen by 2045. Germany aims to prevent potential power shortages starting in 2031, and the new plants are expected to come online during periods when generation from renewable sources, such as wind and solar, is insufficient.

The country plans to continue expanding its production of 'green' energy, with at least 80% of its electricity coming from wind, solar, and other renewable sources by 2030. Germany also aims to completely phase out coal-fired power generation by 2038.