Germany to force energy providers to justify future price increases
The German government plans to allow energy providers to raise prices next year only if objectively justified, the economy ministry said on Saturday, denying a media report that Berlin planned a ban on all energy price hikes for consumers.
“Not every price increase is automatically illegal,” an economy ministry spokesperson said, but added that the ban would apply to unjustified price hikes that exploited consumers.
For the latest headlines, follow our Google News channel online or via the app.
Mass-selling Bild newspaper reported the government wants to ban all electricity and gas suppliers from increasing prices next year.
Energy suppliers in Germany would have to prove that the price increases they plan are justified, for instance if they
have rising procurement costs, the ministry added.
The cabinet approved a cap on gas and electricity prices in an expedited process last month as part of efforts to tackle soaring energy bills for households and businesses.
Read more:
Russia says it will not accept oil price cap and is preparing response
Kuwait exports first shipment of jet fuel from new Zour refinery
Macron says no reason to panic about possible French power cuts
-
Egypt’s urban inflation accelerates on surging food prices
Inflation in urban parts of Egypt accelerated in October to a four year high, pulled ahead by a rise in food prices and reflecting continued pressure ... Economy -
Food prices in Spain post record rise
Food prices in Spain posted a record rise in October, keeping the cost of living painfully high even as lower energy costs spurred a drop in inflation ... World News -
Oman energy minister sees oil prices going down after winter
Oman's Energy Minister Salim al-Aufi said on Tuesday he saw oil prices coming down from the range of $90 a barrel after the winter season.“We don’t ... Energy