🤑 It doesn’t get more affordable. Grab this 60% OFF Black Friday offer before it disappears…CLAIM SALE

German government addresses spiralling energy prices

Published 01/09/2022, 08:07 AM
Updated 01/09/2022, 08:10 AM
© Reuters. FILE PHOTO: Flames from a gas burner are reflected on a cooker in a private home in Bad Honnef near Bonn, Germany, October 11, 2021.  REUTERS/Wolfgang Rattay
NYF
-

FRANKFURT (Reuters) - German government departments are stepping up efforts to help consumers affected by runaway wholesale energy prices which are beginning to hurt low-income households, two policymakers told Reuters at the weekend.

Like many countries, Germany has seen historically high prices of energy and related European carbon emissions permits which were triggered by the lifting of COVID-19 restrictions and resulting demand on depleted gas stocks.

"We are working flat out on solutions for households that are now facing difficulties," said the general secretary of the centre-left Social Democratic Party (SPD), Kevin Kuehnert in remarks authorised for publication on Sunday.

"Our promise has always been that we will particularly protect people on a tight budget who find themselves suddenly caught out by social and global developments," he added.

The government would prefer "unbureaucratic and prudent" solutions tailored to individual needs, Kuehnert said.

The coalition government was sworn in last month under leadership of SPD chancellor Olaf Scholz, and also includes the pro-spending, environmentalist Greens and the fiscally more conservative, libertarian Free Democrats (FDP).

A newly installed Federal Ministry of Building has yet to deliver one-off heating support payments promised in the coalition agreement to help a few hundred thousands households receiving housing benefit.

Finance minister Christian Lindner of the FDP on Thursday promised to make relevant finance available.

Households depending entirely on income support (Hartz-IV)are paid their heating costs fully.

Half of German households heat with gas and a quarter with heating oil.

As for electricity and gas, the minister for environment and consumer protection, Steffi Lemke, told Reuters she would clamp down on suppliers who tried to profiteer from contract expiries, competitor insolvencies and people moving house.

© Reuters. FILE PHOTO: Flames from a gas burner are reflected on a cooker in a private home in Bad Honnef near Bonn, Germany, October 11, 2021.  REUTERS/Wolfgang Rattay

New contracts for the latter group have doubled in price.

"Even if procurement costs rise, such horrific price increases are not justified," said Lemke.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.