DUE TO THE ENERGY CRISIS, GERMANY WILL SUBSIDIZE ELECTRICITY FOR SMALL ENTERPRISES

 

German lawmakers are considering plans to shield consumers and businesses from high energy prices. Robert Habeck, Germany's economy minister, has unveiled a small company help program.

In response to a potential energy crisis brought on by Russia cutting off gas exports to Europe, German Economy Minister Robert Habeck on Thursday unveiled a relief package for businesses.

During the Bundestag budget discussion, Habeck stated, "We will safeguard German firms and German SMEs."

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He declared that small and medium-sized businesses will have access to an industry-wide cost-curbing program already in place.

This would only be a temporary solution, according to Habeck, who also predicted that eventually the government would "alter the electrical market design so that favorable costs are passed on to consumers."

According to Habeck, Germany will continue to run subsidies until regional and international initiatives to lower high gas and electricity prices took hold.

According to Habeck, the European Union's intentions for an electricity price brake are largely in line with German suggestions.

On Friday, the EU's energy ministers will meet and are anticipated to come to an agreement on an overall strategy to combat rising energy prices.

A gas market intervention, according to Habeck, would be more difficult, but measures to reduce prices would follow.

Early in October, the government hoped to establish a system wherein businesses would limit their gas usage in exchange for reimbursement.

The most crucial thing, according to Habeck, is to stop Russian President Vladimir Putin from manipulating prices.

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