The editor of Die Welt claims that consumer pricing for power are disconnected from reality.
One of the most important newspapers in Germany, Die Welt, issued a senior editor’s warning on Wednesday that the country is approaching a “major energy catastrophe.”
In addition to energy costs being close to record highs, gas prices are also approaching record highs, according to senior editor Holger Zschaepitz of the daily’s economic and financial section.
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One of the most important newspapers in Germany, Die Welt, issued a senior editor’s warning on Wednesday that the country is approaching a “major energy catastrophe.”
In addition to energy costs being close to record highs, gas prices are also approaching record highs, according to senior editor Holger Zschaepitz of the daily’s economic and financial section.
This horror chart suggests that #Germany is heading for a huge energy crisis. Not only are gas prices near record highs, but electricity prices in particular are signaling stress. pic.twitter.com/8zxueSGhxh
— Holger Zschaepitz (@Schuldensuehner) July 27, 2022
One of the biggest energy supply firms in Germany has already undergone a partial nationalization as a result of the pricing squeeze. Following Uniper’s request for a bailout, the German government declared last week that it would buy a 30% interest in the business. Uniper cited “severe financial strain” brought on by the decreased Russian natural gas supply as the reason for its request.
Due to the reduction in gas flows, Uniper has recently been compelled to purchase gas on the spot market at a substantially higher price to make up for shortages rather than solely relying on its long-term contracts at a set price.
A new Bloomberg story claims that European energy companies are amassing debt to pay for the skyrocketing expenses, with their liabilities apparently totaling over $1.7 trillion.
