That's the findings from the RWI Institute. The phasing out of coal could raise the wholesale price of electricity on the exchange by around 20%. Germans are already paying the highest prices for electricity in Europe. Retail electricity will be more expensive, because the expansion of renewables will be financed by the EEG tax and grid fees will rise.

In the EU the share of total production costs covered by electricity sales fell from 77% in 2010 to about 60% in 2017 and looks set to continue declining. Such unsatisfactory market signals led many European utilities to broaden their exposure to global markets by means of deep business restructuring and reorganisation.

Danish electricity producer Ørsted announces its intention to issue a benchmark-size subordinated green hybrid capital security with a maturity in 3017 and first par call date after 7 years and a benchmark-size euro-denominated green senior unsecured bond with a maturity of 12 years. Ørsted invited holders of its outstanding bonds to tender them for purchase.