December 29, 2022
1 min read

‘Gas prices in Germany to remain high for most of 2023’

“If we manage to expand this further at the current pace, then we will reconnect Germany to the world market,” Habeck said…reports Asian Lite News

Gas prices for consumers in Europe’s largest economy will remain high for another year in the wake of the energy crisis, Germany’s Minister for Economic Affairs and Climate Action, Robert Habeck has said.

“I hope that things will already be better toward the end of 2023,” Habeck told the German Press Agency (dpa) on Wednesday. However, he added: “We will still have to endure higher prices.”

After that period, Germany’s LNG infrastructure will likely be developed enough that sufficient replacements for Russian gas can be imported, thereby also regulating prices, he added.

Gas prices in Europe have already fallen significantly, after peaking at the end of August. European TTF (Title Transfer Facility) gas futures were trading at around 80 euros ($85) per megawatt hour on Wednesday, down from nearly 350 euros.

To secure Germany’s gas supply, liquefied natural gas terminals were being constructed to create new infrastructure for imports. In mid-December, the country’s first site for the operation of a Floating Storage and Regasification Unit was officially opened in Wilhelmshaven.

“If we manage to expand this further at the current pace, then we will reconnect Germany to the world market,” Habeck said.

“And then we will also get world market prices that are significantly below what we have now.”

ALSO READ-EU green lights first-ever cap for gas prices

Previous Story

G20 Summit will introduce the world to ‘Brand UP’, says Adityanath

Next Story

Strikes may continue into 2023, warns union

Latest from -Top News

Modi Eyes Trade Deals in Maldives

PM Modi will arrive in Maldives on July 25 which would be the second and final leg of his two-nation visit, following the visit to the United Kingdom, starting Wednesday….reports Asian Lite

Russia Strikes Back at EU

The Council of the European Union approved the 17th and 18th packages of sanctions on Russia on May 20 and July 18…reports Asian Lite News Russia has significantly expanded its entry ban

PM Modi Due in UK

PM Modi’s visit to the UK, scheduled for July 23–24, comes at the invitation of British counterpart Keir Starmer and will be his fourth trip to the country….reports Asian Lite News Prime

Victory First, Then Peace?

Katz stressed the importance of meeting the war’s goals as set, primarily the return of all Israeli hostages and the surrender of Hamas….reports Asian Lite News Israeli Defence Minister Israel Katz said

US Brings Up Old Claim, India Pushes Back

US Raises Trump’s India-Pakistan Claim at UN; India Reaffirms Bilateral Stand…reports Asian Lite News The US brought President Trump’s May claim of resolving the India-Pakistan conflict to the Security Council, but New
Go toTop

Don't Miss

Spain rejects EU gas usage proposal

Ribera said consumption in Spain had been within reasonable limits.

Germany braces for nationwide rail strike

GDL Chairman Claus Weselsky defended the decision to call for