Germany unveils €200bn fund to protect people from rising gas prices

The German Chancellor has said “we will not leave anyone alone with the high energy bills”

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The German Chancellor has set out a €200 billion (£175bn) package that could act as a “defensive shield” for customers against skyrocketing energy prices.

Olaf Scholtz said: “Electricity and gas prices must fall and they will fall. We have set the course for this today. We will not leave anyone alone with the high bills – neither the citizens nor the companies.

“With a defensive shield of €200 billion (£175bn), we reduce energy prices – we do this for pensioners, families, employees, large companies as well as smaller companies. Nobody stands alone.”

The new measures include a gas price cap and a plan to tax windfall profits made by energy companies.

Germany’s Economy Minister said Robert Habeck highlighted that gas consumption needed to be still reduced as part of the country’s efforts to save energy supplies for the tough winter ahead.

Today, European Energy Ministers have joined the EU Energy Council in Brussels to seek a political agreement on emergency intervention to address high energy prices.