A public fund of up to 200,000 million euros will cover the extra costs of protecting citizens and industry against rising energy bills
The German Tripartite of Social Democrats, Greens and Liberals today announced the creation of an energy umbrella to protect industry and consumers from the disproportionate rise in the gas price with the setting of a maximum price for this energy source and the state’s commitment to bear the additional costs. A measure for which the Berlin executive will make available up to €200,000 million that will be funded by the Economic Stabilization Fund (WSF), which was created to support businesses during the coronavirus pandemic and which expired this summer, although it will be revived and provided with fresh capital.
The measure was announced at a joint press conference by the Chancellor, the Social Democrat Olaf Scholz, the Minister of Economy, the Green Robert Habeck and the German Minister of Finance, the Liberal Christian Lindner, after several days of difficult negotiations to reach an agreement between the three formations. The agreement buries the planned additional tariff that businesses and consumers had to pay to avoid the bankruptcy of German gas importers and distributors, which was to come into effect on October 1. “It is no longer necessary,” Scholz told the media. “We are convinced that prices have to come down. And to make them fall, we’re going to deploy a great protective umbrella,” said the German chief, noting that the aim of the measure is that both businesses and private consumers can afford to pay their gas bills.
Source: La Verdad
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