The German government has reached a five-year agreement on a package of measures to support industry in a context of high electricity prices. The agreement, which will mainly benefit companies with particularly power-intensive production, will amount to up to €12bn for 2024 alone. The manufacturing industry will also benefit from the electricity price package.
Measures in the new package include stabilising transmission grid charges, cutting the electricity tax to the minimum level permitted by European Union law for all manufacturing firms, as well as raising and extending for five years the compensation received by 350 firms that compete internationally and are most at risk of relocating.
The reduction of the electricity tax will be regulated by law for the years 2024 and 2025. The reduction should apply for another three years, provided that counter-financing can be presented in the German federal budget for the years 2026 to 2028.
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