• 3 minutes "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 9 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 21 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 5 days Energy Armageddon
  • 3 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 12 hours "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 18 hours "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 15 hours "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 19 hours The Federal Reserve and Money...Aspects which are not widely known
  • 3 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 2 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 5 days Сryptocurrency predictions
  • 2 days Goldman Betting on Cryptocurrencies
  • 10 days Putin and Xi Bet on the Global South

Germany Considers Price Caps As Energy Crisis Worsens

Germany looks to cap the prices of electricity and natural gas to help households and businesses reel from the soaring energy prices, The Wall Street Journal reported on Monday, quoting German government officials.

According to the Journal's sources, the plan for price caps in Europe’s biggest economy could become official in the coming weeks if the EU doesn’t agree on a price cap for the entire bloc.  

Elsewhere in Europe, in the UK, for example, there is a price cap on energy bills that energy providers can charge to customers. The new UK has just announced that it would cap the annual energy bills for households at $2,700 (£2,500) for two years.

Unlike the UK cap on prices, and a similar measure introduced in France, the cap in Germany would rather impose a levy on electricity-generating firms that charge more than a certain amount, yet to be determined, the Journal’s sources say. The money collected from the levy on producers would be later distributed to the operators providing energy to the end users, which would allow for lower power prices for end users.  

Many energy-intensive industries and companies in Germany are already feeling the pinch from the soaring natural gas and electricity prices. Some have curtailed production or stopped entire production lines, many others plan to do so.

Signs are mounting that the German economy is slipping into recession, which will deepen as we head into the winter months amid the ongoing natural gas and energy crisis, Bundesbank, the central bank of Germany, said in its monthly report last week.  

Also last week, the German government, energy giant Uniper, and Uniper’s majority shareholder, Finland-based firm Fortum, signed a deal under which Germany would nationalize its largest gas importer, in a move aimed at preventing a collapse of the German energy and gas suppliers.

By Michael Kern for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

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