Some German cities record Gas, electricity price surges of almost 130 percent


(MENAFN) The energy pandemic is being sensed in German pocketbooks, with electricity costs climbing massively to reach 130 percent in some cities.

Cologne-based firm Rheinenergie is charging over double as much per kilowatt hour for its basic provision as of January. The cost is going off the charts to nearly €0.55 (USD0.57) – surging nearly 130 percent.

The firms referred to high procurement prices, which are progressively replicated in the firm’s long-term buying scheme.

"Compared to last year, prices on the power exchanges have increased by more than 300 percent, and at their peak they had increased more than tenfold. In addition, grid fees are also rising," the firm clarified the price surge to German press agency DPA.

The German comparison portal Check24 counts over 580 cases of electricity price raises in the basic provision at the end of the year. "About 7.3 million households are affected by this," as shown by Check24. The jumps reached almost 60 percent on average, in line with the portal.

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