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Germany to extend energy price caps until March 2024

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Germany plans to extend the electricity and gas price caps it introduced last year until March 2024 and the European Commission is examining the measure, a source told Reuters on Friday.

Berlin last year introduced a 200-billion-euro ($211.26 billion) relief package to help companies and households shoulder soaring electricity and gas bills following Russia’s invasion of Ukraine and a drop in Russian gas exports.

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The government, however, plans to abolish a sales tax cut for gas and district heating it introduced as part of last year’s relief measures at the beginning of 2024, the source said, amid more stabilized prices and a tighter federal budget.

Despite the caps and the tax cut, energy prices for private households rose by 52 percent for natural gas in the first six months of 2023 year-on-year and by 26.2 percent for electricity, data from the federal statistics office showed.

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