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2 Feb, 2022 10:46

Heating costs double in Europe’s biggest economy

Germany’s household energy costs saw the greatest rise in 2021
Heating costs double in Europe’s biggest economy

The cost of heating and electricity in Germany increased by 107% and 41% respectively over the past year, Der Spiegel reported, citing a spokesperson of the Check24 portal, which compares prices for goods and services in the country.

According to data, the average household in Germany had to pay €1,193 for gas and fuel oil in January 2021, with the cost rising to almost €2,472 last month. The main reason for that was the sharp rise in energy prices, the newspaper said, adding that high wholesale gas prices have affected end-user prices.

The price for 5,000 kilowatt-hours of electricity hit a record high of €2,130 in January 2022. That is 41% higher than in the same month last year, Der Spiegel wrote.

According to the Check24 spokesperson, the dramatic rise was the result of the increased cost of generating electricity from coal and gas power plants, as well as a decline in production of renewable energy and higher domestic demand.

For more stories on economy & finance visit RT's business section

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