9/26, 12:02 PM (Source: TeleTrader)
more TeleTrader news

Germany prepares electricity price cap - report

Germany is preparing to introduce an electricity price cap this fall if the European Union does not introduce its own, The Wall Street Journal reported Monday, citing officials familiar with the matter.

The cap would protect consumers and businesses from further energy price hikes caused by the economic war between Russia and the West over Moscow's invasion of Ukraine.

According to officials, the German cap would tax energy producers that charge more than a certain amount. These funds will be distributed to network operators and companies that sell energy to end users, allowing them to lower their prices. The officials refused to comment on the level of the cap.

Baha Breaking News (BBN) / JG