Germany will borrow nearly $200 billion to cap consumers’ energy bills

The German government announced plans to borrow €200 billion ($195 billion) to cap natural gas prices for households and businesses. That’s a bigger price tag than the £150 billion ($165 billion) the UK government is expected to borrow to finance its own price cap.

Germany, Europe’s biggest economy, is trying to cope with surging gas and electricity costs caused largely by a collapse in Russian gas supplies to Europe. Moscow has blamed these supply issues on the Western sanctions that followed its invasion of Ukraine in February.

“Prices have to come down, so the government will do everything it can. To this end, we are setting up a large defensive shield,” said German Chancellor Olaf Scholz on Thursday.

Under the plans, which are set to run until spring 2024, the government will introduce an emergency price brake on gas, the details of which will be announced next month. It is also scrapping a planned gas levy meant to help firms struggling with high spot market prices.

https://www.cnn.com/2022/09/29/energy/germany-200-billion-debt-energy-cap/index.html

https://www.reuters.com/business/energy/german-govt-agrees-relief-package-response-soaring-energy-prices-sources-2022-09-29/

https://www.politico.eu/article/german-audit-court-slams-scholz-200-billion-gas-price-cap-debt/

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