Angela Merkel's most important energy transition allies are deserting her: “The entire energy switch has derailed"

Angela Merkel's most important energy allies are deserting her failed energy  transition  project.

It is now clear that Angela Merkel's flagship energy transition project - "die Energiewende" - has derailed. Two of the Merkel's most important allies, energy utility operators EON and RWE are deserting the sinking ship: 

Chancellor Angela Merkel is losing support from her two biggest allies in the utilities industry as their mounting debt prompts a retreat from renewable-power expansion, undermining her $700 billion program to reshape Germany’s energy market.

EON SE and RWE AG are reducing clean-power spending for the first time since 2009 to cut a combined 69 billion euros ($88 billion) in debt and curb costs. That limits funds for offshore wind energy, the centerpiece of Merkel’s plan to replace all atomic reactors by 2022 and triple renewables’ share by 2050.

With consumer power bills increasing and Merkel facing elections in September, Germany’s energy policy is rising on the political agenda. The cost of developing wind farms in the North Sea has surged following construction glitches and delays in linking turbines to the grid.

“The entire energy switch has derailed,” Marc Nettelbeck, an analyst at DZ Bank AG, said this week by phone from Frankfurt. “The difficulties connecting offshore wind farms to the power grid reduces their profitability and renders the original investment calculations of utilities invalid.”

The problem for the Germans is that the main opposition parties are even more under the spell of the great green hoax. Thus a new government after the September elections would in reality mean a change from bad to worse. Although the German economy is still fairly strong, the future is not looking great, unless the failed energy transition policy is reversed.