2022-11-25 10:40:00
GERMANY'S ENERGY PLAN €54 BLN
E - 23 Nov 2022 - The German government has announced it will introduce a €54bn package of measures aimed at supporting German companies and households amid rising energy prices. The package, which will come into effect on 1 March 2023, includes a cap on gas and electricity. For households, gas prices will be capped at €12c/kWh for 80% of consumption, based on the 2021 usage levels. For companies, 70% of gas consumption will be subsidised. Electricity prices will be capped at €40c/kWh. The caps will be in place until April 2024.
The subsidies will be paid retroactively for January and February 2023, and gas consumers will also receive a one-time state subsidy for December 2022. The support for electricity bills will be financed by a windfall tax on power profits. Most forms of power generation, including renewables, will be charged with the exception of gas and hard coal.
This package of measures will be part of a larger €200bn package aiming to protect companies and households from the impact of soaring energy prices, which was approved by the German Parliament, the Bundestag, in October 2022.
-----
Earlier:
2022, October, 27, 15:25:00
GAS: A KEY ROLE
As the cleanest hydrocarbon fuel, natural gas is seen as the perfect solution that strikes the right balance, and will continue to play a key role in the future energy mix.
2022, October, 24, 12:15:00
GERMANY'S ENERGY CRISIS HELP €200 BLN
This €200bn package is expected to include a €96bn subsidy scheme which was introduced earlier in October 2022.
2022, October, 20, 14:20:00
GERMANY'S GAS WINTER HOPE
"If we continue to meet our savings target of at least 20% in Germany, if three LNG terminals start operating at the beginning of next year at the latest, and if the expected winter-related decline in imports and the rise in currently low exports remain moderate, then we can get through the winter without a national gas emergency," he said in a statement.
2022, October, 19, 11:40:00
GERMAN NUCLEAR CONTINUATION
Germany could face power shortages this winter without the supplies of Russian gas on which its economy has relied.
2022, October, 7, 10:20:00
GERMANY'S GAS REDUCTION
The head of Germany's Federal Network Agency, which would be in charge of gas rationing in the event of a supply emergency, repeated his warning a week ago that consumption was too high.
2022, October, 6, 13:10:00
GERMAN ENERGY SUPPORT 200 BLN EUROS
European countries should guard against distorting the common market with billions in state support and must maintain a level playing field
2022, October, 6, 13:05:00
GERMAN ECONOMY DROP
Germany is rushing to minimize the impact of surging energy costs after Russia curtailed supplies of natural gas in retaliation for sanctions imposed after its invasion.
