According to foreign media reports, the German government announced a consumer subsidy program of up to 65 billion euros (about 446.394 billion yuan) on September 4, local time, to alleviate the negative impact of soaring energy prices on the citizens. Help Germany "get through the winter".
It is understood that the plan includes a tax on electricity producers, an extension of 1.5 billion euros in public transport discounts, and 1.7 billion euros in tax breaks for 9,000 energy-intensive companies . German Chancellor Scholz said on Sunday he was "very aware" that many Germans were struggling with rising prices and that the government was ready to help.
It is understood that the German government has now announced that it will pay workers a one-time subsidy of 300 euros, but now the government will also help other groups. For example, retirees will receive a subsidy of 300 euros and students will receive a subsidy of 200 euros. In addition, the German government will develop a new monthly bus pass to replace the currently popular 9 euro cheap ticket. Crescent passes may cost between €49 and €69.
To keep costs down, the government has also pledged to put a "price brake" on energy costs, a plan that will drive energy prices even lower. The German government said the country will use the revenue from the tax levied on electricity producers to lower consumer prices for natural gas, coal and oil. In response, Scholz accused the producers of "excessive profits". "We are determined to change the organization of the market so that these profits are no longer there, no more profiteering," Scholz said.
Europe faces a looming energy crisis after Russia stopped sending gas from the Nord Stream 1 pipeline to Germany . Nathan Piper, oil and gas analyst at Investec, said: "We expect record gas prices in the UK and across Europe next week as the market digests Russia following the indefinite shutdown of the Nord Stream 1 pipeline. The impact of long-term restrictions on gas supply.”
Nathan added: “Gasoline prices will continue to fluctuate, and I expect a sharp increase on Monday. However, the key and worrying point is that this is still in the middle of summer. With winter heating demand Prices are likely to be even higher as a result of an increase in energy prices... Next week's sharp price hike will have a significant impact on UK energy price caps and risk increased costs for industries that have no price caps at all."
As gas and electricity prices rise to historic levels High, European countries have been scrambling to protect consumers and conserve energy. France has now adjusted gas prices to October 2021 levels, capped electricity price increases by 4% at least until the end of the year, and issued 100 euros to low- and middle-income households to help pay energy bills. Spain is much less dependent on Russian gas than other countries. Spain has pledged to cut the value-added tax on natural gas from 21 percent to 5 percent from October to the end of this year, and is promoting energy-saving measures.
Meanwhile, there are growing calls for action to limit gas prices within the EU range. In addition, there is growing pressure to reform EU energy policy to decouple gas prices from electricity prices. On Friday, EU energy ministers will hold emergency talks to discuss the next step in energy countermeasures.
Jiupai News Intern Reporter Chen Mengting
[Source: Jiupai News]
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