German authorities will spend 200 billion euros to curb gas prices

BERLIN, Sep 29 – PRIME. The German government will impose a containment on gas prices, waive the gas levy and provide support of up to 200 billion euros, German Chancellor Olaf Scholz told reporters on Thursday.

Inflation in Germany hits historic high of 10 percent

According to him, the country is doing everything to cope with the energy crisis. “But, nevertheless, the prices are too high. Many citizens, as well as companies, face difficult challenges that are not easy to cope with. Prices must come down,” the chancellor said at a press conference broadcast by the German TV channel Phoenix.

Scholz noted that the authorities will allocate assistance in the amount of 200 billion euros to stabilize the situation. “These 200 billion will be used to finance loans to cope with the situation this year, next and beyond,” he explained.

According to the chancellor, this money will be used to finance the containment of gas prices and thereby reduce additional costs for consumers in Germany. He added that no gas will be supplied from Russia for the foreseeable future. And in this regard, it is possible “to abandon the previously planned gas collection,” Scholz explained.

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The chancellor added that now the prices for electricity and gas in Germany “will fall sharply.” He said today’s containment of gas prices is “extremely necessary” to get through difficult times.

Earlier it was reported that in Germany, to support gas importers, it was planned from October 1 this year and until 2024 to levy the so-called gas levy, the amount of which will be 2.4 euro cents per kilowatt-hour.

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