Germany reports $2.5 billion power trade deficit in 2023

Germany had a 2.29 billion euro ($2.49 billion) international electricity trade deficit last year, driven by the closure of its last nuclear power plant and imports of cheaper foreign power, Augsburger Allgemeine newspaper reported on Monday.
Germany imported electricity at a cost of 5.7 billion euros in 2023, offset by export revenues of 3.5 billion euros, pushing Europe’s largest economy into a negative electricity trade balance for the first time in years, the newspaper reported, citing data by the Federal Network Agency.
Some 54 terawatts, around 11% of total German electricity consumption, was imported in 2023, while exports amounted to 42 terawatts, the agency said.
A rise in wholesale electricity imports from neighbouring countries lowered German consumer power prices, the agency said, adding that Germany had sufficient generation capacity to cover its needs.