• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 12 hours Could Someone Give Me Insights on the Future of Renewable Energy?
  • 11 hours How Far Have We Really Gotten With Alternative Energy
  • 12 hours "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 3 days Bankruptcy in the Industry
  • 2 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 4 days The United States produced more crude oil than any nation, at any time.
How Iraq Continues To Trick Washington

How Iraq Continues To Trick Washington

The U.S. government has multiple…

3 Oil & Gas Stocks Most Sensitive To Oil Price Swings

3 Oil & Gas Stocks Most Sensitive To Oil Price Swings

Apache, Marathon Oil Corp. and…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

German Energy Industry Warns Of High Prices & Social Unrest

  • German energy sector officials have warned that household energy costs could soar later this year.
  • This warning of high energy prices came alongside the suggestion of potential social unrest in the country.
  • Despite calls for Germany to implement an energy price cap, the government is reluctant to take action
Energy

Energy costs for German households could soar significantly later this year, the country's energy industry has warned, with one company suggesting this could lead to social unrest.

Per a Reuters report, energy sector officials said that household energy costs could increase threefold from current levels, with one industry executive saying annual costs could rise from 1,500 euros to 4,700 euros by October.

"We must help average households and set an upper limit for energy costs," Roland Warner told Reuters in an interview, adding, "If we get social unrest the state won't be able to cope."

Separately, the report cited an interview with the head of Germany's Federal Network Agency, the energy regulator, who said that Germans should set aside money for their future energy bills and reduce their energy consumption.

The industry has also called on the government to impose energy price caps to shield consumers from the worst of the price spike. The government, Reuters notes, has not been supportive of the price cap idea, with Economy Minister Robert Habeck recently saying that this would betray the idea of encouraging people to conserve energy.

Germany, because of its significant dependence on cheap Russian gas, is in a state of panic after Gazprom reduced flows along the Nord Stream 1 pipeline prior to its suspension this week for regularly scheduled annual maintenance.

There is growing fear among German politicians in power that the Russian company might not restart the flow of gas after maintenance ends in retaliation for EU sanctions for its incursion into Ukraine.

To prevent a collapse of the economy, the government has been desperately looking for alternative suppliers, but the global gas market has been as tight as the oil market, and Germany has yet to build the import infrastructure necessary to replace part of Russian gas imports with LNG. Conservation, therefore, has emerged as the primary means of coping with the looming crisis.

By Irina Slav for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Mamdouh Salameh on July 14 2022 said:
    Germany like the rest of the EU has been enveloped in a very damaging energy crisis of its own making since January 2021. The crisis has been worsened by Western sanctions against Russia and the EU’s inability to replace Russian gas and oil supplies.

    Now the German energy industry is warning German households that energy costs could more than triple from 1,500 euros to 4,700 euros by October with one company suggesting this could lead to social unrest.

    To prevent a collapse of the economy, the government has been desperately looking for alternative suppliers but with very little success. The government has been forced to delay the de-commissioning of nuclear plants by a few years and to resurrect more of its coal-fired plants for electricity generation.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London
  • John de speville on July 14 2022 said:
    The dumb corrupt western nation leftard leaning governments brought it onto themselves to fall for the climate change SCAM from a tiny noisy minority by destroying their nuclear,gas and oil industries by falling head first in the nonsense trap just to feel good while Asians countries are building thousands more coal power.They should get it once and for all that renewable cannot and will not run and industrial economy without load power that nuclear or fossil fuel can do for a long time in the future.The climate has been changing for the last 4.5 billion year and will keep doing so for the next 4 billion years.what is happening to Sri Lanka and boris Johnson in the UK will go through all country dumb enough to still not get the message.They used to call it global warming and when there were no warming that change it to climate change to appease a small minority indoctrinated form a young age at schools and universities.The people will start to wake up when they realise that they will need to decide to feed their family ,warm or cool their house and all businesses are closing dow with blackouts with excessive power prices and governments will be toppled all over.

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News