Prasannkumar 
Germany announces $65 billion plan to combat rising energy costs
Germany announces $65 billion plan to combat rising energy costs
Numerous EU countries announce emergency measures to counter rising energy prices due to Russia’s war against Ukraine.
German officials have announced a $65 billion plan to assist people and businesses with rising prices. This comes as many European countries take emergency measures to prepare themselves for long winters due to disruptions in Russian gas supplies to Europe after the Ukraine war.
Sunday’s announcement by Olaf Scholz, German Chancellor, was in response to expectations that energy prices would rise in the next months. After Russia’s invasion of Ukraine in February, energy prices have risen dramatically.
Two days ago, Moscow closed a major gas pipeline that supplies Europe with gas indefinitely. This forced countries such as Germany to look for alternative energy sources.
Scholz stated that his government had planned for a complete halt to gas deliveries in December, but he assured his country would get through the winter.
According to the German leader, the package was designed to protect customers and businesses against rising inflation. It includes benefit increases and a subsidy for public transport.
For income tax-paying workers, a $300 one-time allowance for energy prices will be granted. Families will also receive $100 per child as a bonus.
In the coming years, between $12bn and $13bn in annual funding will be available to subsidize renovations of old buildings.
German households will be paying almost $500 more per year for gas after a levy has been set to cover the cost of Russian replacement supplies.
This levy was introduced to assist Uniper and other importers in coping with the soaring price. It will start on October 1, and run until April 2024.
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