Electricity and gas price brakes are no longer applicable - what does this mean for consumers and energy costs? Financial expert explains.

Electricity and gas price brakes are no longer applicable - what does this mean for consumers and energy costs? Financial expert explains.

According to a report by www.zeit.de, the Lower Saxony Consumer Center expects many questions about energy prices in the new year. Managing director Petra Kristandt emphasized that the entry into force of the Building Energy Act on January 1st will cause many consumers to question what effects this has on them personally and what subsidies are available for renovation or heating replacement.

The expiry of the price brakes on January 1st will also lead to uncertainty and questions about annual and final financial statements. This can lead to problems with late billing, unwanted contract changes or excessive advance payments from energy suppliers. Although these price brakes have recently no longer played a role for many energy consumers due to lower market prices, their removal will still have an impact.

The consumer advice center expects the number of consultations to increase again this year. In 2023, consumers already had many questions about energy, and the rising cost of food was on many consumers' minds. This was reflected in increased inquiries about price increases and deceptive packages. The areas of telecommunications, cybercrime and customer rights enforcement were also characterized by high demand.

These developments could lead to consumers increasingly seeking advice and support. In addition, uncertainties in connection with the abolition of price controls and the entry into force of new laws could influence the market. Companies, especially energy suppliers, must prepare for increased inquiries and potential problems from consumers.