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German Windfall Tax to Help Energy Bills

ENERGY

Germany plans to use revenue from windfall taxes to lower end consumer prices for gas, oil and coal according to German Chancellor Olaf Scholz over the weekend.

  • Olaf Scholz announced a €65bn (£56.1bn) package to help households and companies manage soaring energy prices.
  • Some energy companies which may not be using gas to generate electricity were “simply using the fact that the high price of gas determines the price of electricity and are therefore making a lot of money,” he said. “We have therefore resolved to change the market organisation in such a way that these random profits no longer occur or that they are skimmed off.”

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