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15 Aug, 2022 14:22

Cost of Germany’s new gas tax revealed – media

Berlin seeks to distribute the high costs of replacing Russian gas among households and industrial consumers
Cost of Germany’s new gas tax revealed – media

Germany’s new gas tax will reportedly cost end-consumers up to €600 ($600) annually, Reuters reports, citing industry and government sources.

According to the report, the tax will be set between two and three euro cents per kilowatt hour, which, according to calculations, will represent between €400 and €600 in additional expenses for the average family of four per year.

The measure was introduced earlier this month by Germany’s Bundeskabinett, the country’s chief executive body. The authorities plan to impose the levy from October 2022 to April 2024 in an effort to spread 90% of importers’ additional costs – due to reduced supplies from Russia – among German households and industrial consumers.

Berlin has not yet revealed the final cost of the levy. Germany’s gas market operator, Trading Hub Europe, is expected to announce it later on Monday.

Germany is currently trying to store enough gas for the upcoming heating season, a process which is proving difficult due to the conflict in Ukraine and the sanctions on Russia, as well as technical difficulties at Russia’s gas transportation facilities.

Germany’s gas storage facilities are currently slightly above 70% full. According to a latest regulation, however, they must be at least 75% full by September 1, 85% full on October 1, and 95% full on November 1.

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

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