Germany's E.ON to shut down nuclear reactor early

|About: E.ON SE ADR (EONGY)|By:, SA News Editor

E.ON (EONGY) says it plans to shut down its 1.3 GW Grafenrheinfeld nuclear reactor in Germany as early as May 2015, seven months before its operating license expires, because subsidized renewable energies and a tax on nuclear fuel have eroded the plant's profitability.

The news is a sign of how Germany's energy policy of setting up generous subsidy schemes for renewable energies has undermined the country's formerly lucrative conventional power generation industry, WSJ writes.