Germany will borrow nearly $200 billion to cap consumers' energy bills
The German government declared plans to get €200 billion ($195 billion) to cover gaseous petrol costs for families and organizations
That’s a bigger price tag than the £150 billion ($165 billion) the UK government is expected to borrow to finance its own price cap.
Germany, Europe’s biggest economy, is trying to cope with surging gas and electricity costs
Becaused largely by a collapse in Russian gas supplies to Europe
Moscow has blamed these supply issues on the Western sanctions t
hat followed its invasion of Ukraine in February.
Prices have to come down, so the government will do everything it can
To this end, we are setting up a large defensive shield,” said German
Under the plans, which are set to run until spring 2024, the government will int
roduce an emergency price brake on gas,
It is also scrapping a planned gas levy meant to help firms struggling with high spot market prices