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State caps on gas and electricity prices will remain in place until 2024 - financial expert analyzes relief for consumers
According to a report from www.tagesspiegel.de, the state caps on gas and electricity prices will remain in place beyond the turn of the year. The Bundestag decided to extend the regulation, which expires at the end of the year, until March 31, 2024. However, the EU Commission only approved the project until the end of March. The price caps for electricity and gas were introduced in March this year to protect consumers from skyrocketing energy prices. Prices were capped for a large part of private household consumption: for electricity at 40 cents and for gas at 12 cents per kilowatt hour. Although the situation on the energy markets has now stabilized, the continuation of...
State caps on gas and electricity prices will remain in place until 2024 - financial expert analyzes relief for consumers
According to a report by www.tagesspiegel.de, the state gas and electricity price brakes will remain in place beyond the turn of the year. The Bundestag decided to extend the regulation, which expires at the end of the year, until March 31, 2024. However, the EU Commission only approved the project until the end of March.
The price caps for electricity and gas were introduced in March this year to protect consumers from skyrocketing energy prices. Prices were capped for a large part of private household consumption: for electricity at 40 cents and for gas at 12 cents per kilowatt hour. Although the situation on the energy markets has now stabilized, the continuation of price controls is seen as “insurance against unexpected risks”.
The calculations by comparison portals show that the relief for consumers as a result of the extension of the price caps will only be minimal. Savings for electricity customers in a model household are estimated at an average of €13, while gas customers can expect to save €45.
The extension of the price caps was decided a month and a half before the turn of the year, which was criticized by the Association of Municipal Companies and the Federal Association of the Energy and Water Industry. They fear delays in implementation and are already asking electricity and gas customers for their understanding.
The energy price brakes are financed from the Economic Stabilization Fund (WSF). However, the WSF was blocked for the time being after the Federal Constitutional Court declared the transfer of Corona billions to the fund inadmissible.
The extension of the price caps may have little impact on the market and consumers as the savings are considered minimal. The difficult financing from the blocked economic stabilization fund could also lead to problems. It remains to be seen how the extension of the price caps will affect the energy markets and consumers in the long term.
Read the source article at www.tagesspiegel.de