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German Consumers Facing Soaring Gas Prices

NATURAL GAS

Major German utility company Rheinenergie that supplies gas to Cologne is set to double consumer gas costs from October 1 due to a 450% increase in gas procurement costs.

  • "In a Cologne apartment with 10,000 Kwh of annual consumption, the annual cost increases to around 2,002 euros ($2,057) (previously: around 960 euros)," Rheinenergie said in a statement.
  • Germany is facing increased pressure on its gas prices because of a lack of flows arriving from Russia via Nord Stream 1. Utility companies have been forced to buy costly supplies from the spot market and have had limited ability to pass on costs to end consumers.
  • Germany is being forced to take on numerous gas saving measures that are feared could have a negative impact on the country’s productivity.
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