Friday, 30 September, 2022
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Power prices in Germany forecast to soar

Power prices in Germany forecast to soar

Electricity prices in Germany are expected to jump to record highs next year, the Neue Osnabrucker Zeitung newspaper reported on Friday, citing the country’s local public utilities association (VKU).

According to the report, prices could spike as much as 60 percent due to the reduction in gas supplies from Russia and subsequent increase in the cost of gas, reports RT.

A representative of the association told the news outlet that while gas prices have been growing at a faster pace than the cost of electricity, the latter has already spiked by more than 10 percent this year and is likely to catch up soon.