The German Government’s decision to quit nuclear power could result in some of its major companies leaving in order to manufacture elsewhere with cheaper energy.
Under new energy bills passed last month by the German government, nuclear power stations will be taken offline by 2022. Analysts say that the move will hit energy companies hard and contribute to an increase in electricity prices.
Dr Marijn Dekkers, Chairman of pharmaceuticals giant Bayer said: “It is important that we remain competitive compared with other countries. Otherwise, a global company like Bayer will have to consider relocating its production to countries with lower energy costs.”
With Germany’s electricity costs already some of the highest in Europe, Dr Dekkers said industries would look elsewhere to take their businesses.
Bayer employs more than 35,000 people in Germany.