Due to high electricity prices, the German government will support industrial companies, and has agreed on a five-year package of measures. Chancellor Olaf Scholz said on Thursday that companies will feel a relief of up to 12 billion euros (over CZK 295 billion) next year alone, Reuters reported. The measures are financed as part of the so-called debt brake, said Finance Minister Christian Lindner.
Berlin
1:33 p.m November 9, 2023
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Due to high electricity prices, the German government will support industrial enterprises, and has therefore agreed on a five-year package of measures (illustrative photo) | Photo: Zuzana Jarolímková | Source: iROZHLAS.cz
Part of the plan is a massive reduction in electricity tax to the minimum European level. According to the statement, all businesses should benefit from this, not just those that until now received compensation for high electricity consumption during peak hours. Existing compensation for 350 businesses facing extraordinary international competition will be extended and expanded.
The growth of the German economy will be hampered by the lack of workers and greener energy, the economist claims
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The German government agreed on the measures after months of wrangling by the ruling coalition over how to ensure German industry remains competitive in an environment of high energy costs.
The debt brake is a measure enshrined in the constitution that prevents the country from becoming excessively indebted. After the announcement of the agreement, shares of German chemical companies began to strengthen on the stock exchanges.
CTK
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Tags: German government reacts high electricity prices preparing reliefs billion crowns industry iRADIO
