BASF CEO Martin Brudermüller Calls for Nationalization of Power Grids in Germany to Lower High Energy Costs for Industry in an Interview with "Frankfurter Allgemeine Zeitung". He compares power grids to roads and argues that they should be provided free of charge to everyone, similar to the infrastructure of a successful economy. Brudermüller suggests that the state could share the necessary investments through public-private partnerships, even though this would require large sums.

Here is the translated heading:

"The rising grid fees and the high prices for the areas of wind farms that the federal government auctions are driving electricity costs in Germany to almost 20 cents per kilowatt-hour, according to Brudermüller. This development is making it increasingly difficult for industry to compete internationally and at the same time achieve climate policy goals."

BASF generates a large part of its required energy at the Ludwigshafen site, but the increasing procurement of green electricity makes the company dependent on public power grids. In the past, [CEO] Brudermüller had already demanded that the state should subsidize the grids in order to protect the German industry from the high costs of decarbonization. Without government support, he sees the risk that the industrial location of Germany will continue to lose competitiveness in international comparison.

The Chemical Company BASF Faces Challenges at its Ludwigshafen Headquarters, the Largest Chemical Site in the World, where Significant Losses and a Profitability Problem have already been Recorded. Brudermüller Suggests that Additional Facilities may be Closed and the Basic Chemicals Business Downsized, Resulting in Painful Adjustments. Despite the Challenges, he Emphasizes that Ludwigshafen will Remain the Company's Largest Location in the Future. He Dismisses Speculations about a Split of the Company.

Martin Brudermüller, who has led the world's largest chemical company since 2018, will be succeeded by Markus Kamieth at the annual general meeting on April 25. Subsequently, Brudermüller is to become the chairman of the supervisory board at Mercedes-Benz.