German families face 480 euro rise in gas bills under new levy



By Markus Wacket and Rachel More

BERLIN, Aug 15 (Reuters) - German households will have to pay almost 500 euros ($509) more a year for gas after a levy was set to help utilities cover the cost of replacing Russian supplies, piling pressure on Berlin to come up with further relief measures for the public.

Trading Hub Europe, the German gas market operator, said on Monday it had set the charge at 2.419 euro cents per kilowatt hour (kWh).

The levy will be imposed from Oct. 1 and remain in place until April 2024 in a bid to help Uniper UN01.DE - the country's largest importer of Russian gas - and other importers cope with soaring prices.

For an average family of four, the charge will amount to an additional annual cost of around 480 euros, or an increase of about 13% on the Verivox price comparison platform's calculation of an average gas bill of 3,568 euros based on usage of 20,000 kWh/year.

"The alternative would have been the collapse of the German energy market, and with it large parts of the European energy market," Economy Minister Robert Habeck said of the levy.

Germany's Russia-dependent energy model had failed and would not be returning, he told reporters. "We need to change in a hurry ... In doing so, we sometimes have to take bitter medicine," Habeck said, arguing for targeted relief to help households.

Utility EnBW EBKG.DE , which is also exposed via its VNG gas division and took a 545 million euro profit hit in the first half of 2022 as a result of lower Russian supplies, said it would take advantage of the levy, unlike RWE RWEG.DE .

Industry will also be subject to the charge, with the German Steel Federation saying it would add around another 500 million euros a year to the sector's energy bills, on top of 7 billion euros in extra costs already attributed to high energy prices.

"The gas surcharge significantly increases the cost pressure already exerted on the steel industry by the extreme price increases on the energy markets," its President Hans Juergen Kerkhoff said.

Economists warned that the levy would further accelerate inflation in Europe's largest economy, which is already running at an elevated 8.5%, with some relief measures such as low-cost public transport tickets set to expire.

"The gas levy is expected to increase inflation, including the value-added tax, by almost one percentage point," said Commerzbank chief economist Joerg Kraemer, adding that the measure adds to mounting signs the German economy could slip into recession this winter.

The Federation of German Industries called for business support measures after Chancellor Olaf Scholz on Thursday promised an additional relief package for households.

Germany is also awaiting a response from Brussels on a VAT exemption for the levy.

Russia has throttled gas flows to Germany, blaming technical problems and the red tape of Western sanctions for a drop in deliveries via the key Nord Stream 1 pipeline to 20% of its capacity. Berlin has called the reductions politically motivated.

($1 = 0.9800 euros)
Reporting by Markus Wacket, Reinhard Becker and Rene Wagner; additional reporting by Tom Kaeckenhoff and Christoph Steitz; writing by Rachel More; editing by Paul Carrel and Kirsten Donovan


Actifs liés


Dernières actualités

Turkey - Factors to Watch on Sept 29


China, HK stocks rebound as yuan slide pauses


Gilty party

E
G
U
U

Bitcoin-sterling volumes spike to record high as British currency flounders


Challenging 'orthodoxy,' Kwarteng clings on after UK market rout

Avertissement : Les entités de XM Group proposent à notre plateforme de trading en ligne un service d'exécution uniquement, autorisant une personne à consulter et/ou à utiliser le contenu disponible sur ou via le site internet, qui n'a pas pour but de modifier ou d'élargir cette situation. De tels accès et utilisation sont toujours soumis aux : (i) Conditions générales ; (ii) Avertissements sur les risques et (iii) Avertissement complet. Un tel contenu n'est par conséquent fourni que pour information générale. En particulier, sachez que les contenus de notre plateforme de trading en ligne ne sont ni une sollicitation ni une offre de participation à toute transaction sur les marchés financiers. Le trading sur les marchés financiers implique un niveau significatif de risques pour votre capital.

Tout le matériel publié dans notre Centre de trading en ligne est destiné à des fins de formation / d'information uniquement et ne contient pas – et ne doit pas être considéré comme contenant – des conseils et recommandations en matière de finance, de fiscalité des investissements ou de trading, ou un enregistrement de nos prix de trading ou une offre, une sollicitation, une transaction à propos de tout instrument financier ou bien des promotions financières non sollicitées à votre égard.

Tout contenu tiers, de même que le contenu préparé par XM, tels que les opinions, actualités, études, analyses, prix, autres informations ou liens vers des sites tiers contenus sur ce site internet sont fournis "tels quels", comme commentaires généraux sur le marché et ne constituent pas des conseils en investissement. Dans la mesure où tout contenu est considéré comme de la recherche en investissement, vous devez noter et accepter que le contenu n'a pas été conçu ni préparé conformément aux exigences légales visant à promouvoir l'indépendance de la recherche en investissement et, en tant que tel, il serait considéré comme une communication marketing selon les lois et réglementations applicables. Veuillez vous assurer que vous avez lu et compris notre Avis sur la recherche en investissement non indépendante et notre avertissement sur les risques concernant les informations susdites, qui peuvent consultés ici.

Nous utilisons des cookies pour vous donner la meilleure expérience possible de notre site internet. En savoir plus ou modifier vos paramètres de cookies.

Avertissement sur les risques : votre capital est à risque. Les produits à effet de levier ne sont pas recommandés pour tous. Veuillez consulter notre Divulgation des risques