Germany launches major electricity subsidy for industries

There is concern that the German economy, which is the largest in the EU, will fall into recession.

In the coming year, the electricity support package, including tax cuts, may comprise 12.8 billion euros (close to SEK 149 billion), according to a statement from German Chancellor Olaf Scholz.

Next year and the year after, the German electricity tax will be reduced from 1.537 cents per kilowatt to the EU’s lowest level of 0.05 per kilowatt for the industrial sector.