German government "boosts" domestic industry - Subsidizes energy prices until 2028
Germany's governing coalition has agreed to subsidize energy prices for heavy industry over the next three years, in an attempt to give the economy a breathing space.
Chancellor Friedrich Merz said the government will set a price of around 5 cents per kilowatt-hour starting from January 1, until 2028, to "support companies that use large amounts of electricity and face international competition."
Talks with the European Union's Executive Commission on the plan are almost complete and "we think we will get approval," Merz said. The Finance Ministry estimated the expected cost of the subsidies at between 3 billion and 5 billion euros.
The German economy, Europe's largest, has shrunk over the past two years and has not seen significant growth for many years. Merz's government, made up of conservatives and the center-left Social Democrats, has made economic recovery a priority since taking office in early May.
However, the results have yet to start to show. This week, the government's panel of independent economic advisers forecast a tepid 0.9% growth next year, after an expansion of just 0.2% this year.
The country's economy, which relies heavily on manufacturing and exports, has been hampered by a number of factors, including high energy prices, competition from Chinese manufacturers of cars and industrial equipment, a shortage of skilled labor, and excessive bureaucracy.
The government has launched a program to boost investment and created a 500 billion euro fund to finance aging infrastructure over the next 12 years. It also aims to reduce bureaucracy and accelerate the country's digitalization.
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