In August 2022, we reported Germany’s decision to postpone the shutdown of the country’s last three nuclear-power plants.

It was a “belated outburst of rationality,” Reason claimed at the time, even though nuclear power accounted for just 6% of the country’s energy consumption last year — down from 11% in 2009.

But every little bit of electricity generation counts since Germany sanctioned Russian oil (not to mention the mysterious bombing of the Nord Stream natural-gas pipelines). 

Source: AG Energiebilanzen, Reason
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Nevertheless, come April 2023, Germany’s literal powerbrokers decided to shut down the three remaining nuke plants.

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Your Rundown for Wednesday, November 8, 2023...

Germany’s Resolve Coal-lapses

As a matter of fact, Germany totally disregarded a letter signed by “a collection of esteemed scientists, including two Nobel laureates and professors from the likes of MIT and Columbia,” CNBC says, urging the government to keep the reactors running.

“For me, as a climate scientist, the whole thing is incomprehensible,” says Hans von Storch of the Institute for Coastal Research. “This out-phasing of nuclear, with existing plants… it is not a wise decision.”

Thus, even though the scientific community agrees nuclear power is a clean source of energy, irrational policy makers won out in Germany.

Now, a little over a week into November — when the average temperature in Berlin is 37.4°F — irrational policy continues to win the day.

And that’s just the average temperature.

In October, “a cold snap took hold of northern Europe,” says Bloomberg, “with temperatures plunging below seasonal norms in a first test for the region’s energy infrastructure.”

The upshot? “Germany has fired up a refurbished coal unit to help meet energy needs as the region’s first cold spell takes hold.” (Emphasis ours)

Let that sink in.

“While that poses a setback for the government’s plans to curb harmful emissions, it’s part of its strategy to contain price increases for consumers during the heating season.”

Yeah, but… Clean nuclear energy?

So much for “trust the science.”

Market Rundown for Wednesday, Nov. 8, 2023

The S&P 500 is at 4,378.38.

Oil’s down 0.84% to $76.72 for a barrel of WTI.

Gold is up 0.07% to $1,972.10 per ounce.

And Bitcoin’s at $35,414.90.

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