Tuesday, May 23, 2023

"Germany to earmark 4 bln euros annually for power subsidy - economy minister"

From Reuters via Yahoo Finance, May 22:

Germany plans to earmark around 4 billion euros ($4.40 billion) annually to subsidize electricity prices for energy-intensive industries, to support an industrial move away from fossil fuels and discourage firms from moving offshore.

The government last year introduced electricity and gas price caps to shield industry and households from rising energy prices, but companies in Germany say electricity prices are still too high.

"We want the industry ... to stay home in Germany and be given a transformation perspective. The industry electricity price is intended for this," Economy Minister Robert Habeck said in a news conference on Monday.

The government is discussing the details of the subsidy which the finance ministry opposes, but Habeck said the subsidy could cap prices at 6 cents per kilowatt hours (kWh), covering 80% of industrial firms' consumption....