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EU plans to phase out solar, wind-energy subsidies, FAZ reports

The European Commission plans to phase out solar and wind-power subsidies as soon as possible, Frankfurter Allgemeine Zeitung reported, citing a strategy paper Energy Commissioner Guenther Oettinger will present next month in Brussels.

European Union countries have to increase the flexibility of their plans and reduce subsidies because renewable energy technology has developed much faster than expected and prices have dropped, the newspaper said, citing the paper.