Germany announces a €200bn scheme to help citizens and businesses cope with soaring gas bills caused by the war in Ukraine.
Why it matters
The scheme is significant as it is the most expensive financial scheme to help citizens and businesses in Germany's history. It is also significant as it comes at a time when EU energy ministers are meeting to endorse the first package of common emergency measures to address the crisis. The scheme is meant to introduce emergency price brakes for gas and electricity consumption and cap the price German customers pay for gas. The government will finance the scheme with new borrowing and scrap a previously planned gas levy on consumers to avoid further price increases. The package also includes allowing nuclear plants in southern Germany to keep running until spring 2023.
What the papers say
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How we got here
Russia's invasion of Ukraine has caused a surge in gas prices across Europe. Germany, which was highly dependent on Russian gas, is now scrambling to find alternative suppliers. The German government has opened discussions about providing urgent support for scores of regional state-owned energy providers which are struggling to cope with soaring gas prices. The discussions between the government and regional states are at an early stage and no rescue framework has been agreed.
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