Green electricity will not be competitive in Germany – CEO of Thyssenkrupp

Thyssenkrupp AG CEO Miguel Lopez sees no prospects for competitive renewable energy in Germany. He told Focus weekly about this.

“When we talk about competitive green electricity, we can only talk about Scandinavia or the Iberian Peninsula. I have not yet seen a solution that would facilitate the production of green electricity in Central Europe at competitive prices,” he said.

Lopez believes that the cost of green electricity in Norway or Sweden is always lower than in Germany. In his opinion, solar energy will not pay off in Germany, while there is not enough available space for deploying wind turbines.

The Thyssenkrupp CEO also warned that the process of deindustrialization of Germany has already begun, and countermeasures should be taken, as industry has always been a strong point of the country’s economy.

Lopez believes that there is still a chance to rectify the situation by focusing on the needs of the industry again. By this, he does not mean subsidies or other government funding, but rather measures that increase the country’s attractiveness as a location.

As GMK Center reported earlier, Thyssenkrupp announced a €1 billion impairment loss on its steel division’s non-current assets in FY2023/2024. The company cited a deteriorating outlook for the sector as weak demand and Asian competition hurt the German industry.