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8/15, 4:32 PM (Source: TeleTrader)
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Berlin to 'swallow bitter medicine' to shift to new energy model

German Economy Minister Robert Habeck (pictured) said on Monday that Berlin must ''swallow bitter medicine'' to shift to a new energy model as the one that was dependent on Russia has failed and is not coming back again.

The minister noted the winter gas price levy that was agreed upon on August 5 will ensure the country will be able to secure its gas supply amid the ongoing situation with Russia. The alternative to imposing the gas levy would be a total collapse of the German economy, Habeck stressed.

The new measure coming into effect in October this year will require both households and industrial consumers to share the cost of replacing Russian gas. The surcharge that is supposed to cover around 90% of the additional costs will amount to 2.419 euro cents per kilowatt hour (kWh), Trading Hub Europe revealed in a statement earlier in the day.

Baha Breaking News (BBN) / MM