Electricity and gas prices are rising massively - financial expert gives advice

Electricity and gas prices are rising massively - financial expert gives advice

According to a report from www.ndr.de, electricity and gas prices are expected to rise sharply at the turn of the year. According to internet comparison portals such as Check24 or Verivox, costs are expected to increase by around 60 percent on average. Many households are already severely affected by this development and are increasingly seeking energy advice from consumer advice centers. The enormous demand is leading to longer waiting times, which highlights the desperation of many consumers. The situation is no longer just a problem for low-income households, but is increasingly also affecting people from the middle class.

The drastic price increases are already having an enormous impact on many households. For example, the article describes the case of a 96-year-old woman whose monthly payments for district heating increased from 40 euros to 261 euros. This puts a considerable burden on those affected and significantly worsens their financial situation. Lawyer Jan Bornemann from the Hamburg Consumer Center also confirms that the problems related to energy costs have now reached the middle class.

Against this background, it is to be expected that the increased energy costs will lead to many households getting into financial difficulties. Families with children, who already bear high fixed costs, are particularly burdened by the price increases. It can be assumed that the demand for government aid measures and support programs will increase in the coming months.

The planned introduction of a gas and electricity price brake from March 2023 could offer some protection against further price increases. However, it remains to be seen whether energy companies will implement their price adjustments under these measures or try to circumvent them. In any case, it can be assumed that consumer advice centers will continue to be confronted with a high number of inquiries and requests for advice. The development of energy costs and the associated effects on consumers will therefore continue to be monitored critically in the coming months.