• Home
  • News
  • Charts
  • Market
  • Trading
  • Economy
    • Companies
    • Business
  • Videos
What's Hot

How the Swiss ‘trinity’ forced UBS to save Credit Suisse

March 20, 2023

Commodity markets likely to escape banking crisis fallout, traders say

March 20, 2023

After an 8.7% Social Security cost-of-living adjustment for 2023, next year’s increase may not be as large

March 20, 2023
Facebook Twitter Instagram
  • Privacy Policy
  • Terms
  • Contact
Facebook Twitter Instagram
GFS News
  • Home
  • News

    AUD/USD oscillates at around the 20-day EMA on risk-on mood, RBA minutes eyed

    March 20, 2023

    Silver bulls are movin gin again on the front side of the bull trend, eye $22.88s

    March 20, 2023

    Canadian CPI Preview: Forecasts from five major banks, inflation growth to decelerate

    March 20, 2023

    ECB: A 25 bps rate hike looks likely in May – UOB

    March 20, 2023

    USD to soften if markets believe the Fed tightening cycle is nearly complete – Scotiabank

    March 20, 2023
  • Charts
  • Market
  • Trading
  • Economy
    • Companies
    • Business
  • Videos

    Watch Forex Trading: LIVE: NZDUSD, USDJPY, AUDUSD (Ft. Eivindfx)

    March 20, 2023

    My Best Forex Trading Setups this Week: XAUUSD EURUSD USDJPY SPX500 NZDUSD & MORE

    March 19, 2023

    Inflation is Back – with Vengeance.

    March 18, 2023

    BREAKING: Prop Firm Crackdown…

    March 18, 2023

    🟩 Weekly Forex Analysis 20 – 24 March

    March 18, 2023
en English
zh-CN 简体中文en Englishfr Françaisde Deutschit Italianopt Portuguêsru Русскийes Español
GFS News
Home » Germany paves the way to rescue critical energy providers and gas supplies.
Business

Germany paves the way to rescue critical energy providers and gas supplies.

AdminBy AdminJuly 8, 2022No Comments2 Mins Read0 Views
Share
Facebook Twitter LinkedIn Pinterest Email

German lawmakers approved a measure on Thursday that will allow the government to throw a lifeline to companies struggling with the record-high price of gas and with cuts in supplies from Russia.

The law, passed in the lower house of Parliament, is part of a wider package that aims to help Germany maintain the security of its natural gas supply as it faces shortages connected to Russia’s invasion of Ukraine. Last month, Russia cut the amount of gas delivered to Germany via the Nord Stream 1 pipeline, a major conduit, by 60 percent.

The pipeline, which runs along the floor of the Baltic Sea and links Russian gas fields to the northern German coast, is scheduled to go offline for 10 days of routine maintenance starting Monday. Energy experts and politicians fear that Gazprom, the Russian energy giant, may keep it offline at the end of that maintenance period to retaliate against the economic sanctions that Europe has enacted to punish Moscow for invading Ukraine.

Uniper, an electricity producer and Germany’s largest importer of Russian natural gas, is likely to become the first business to be bailed out under the new law after it asked the government for help last month. The company, based in Düsseldorf, has been forced to buy gas at significantly higher prices to fulfill its longstanding contracts with some 100 municipalities across the country.

The newly passed legislation, which is expected to receive final approval from the upper house before Parliament begins its summer recess, will allow utilities to restart coal-fired power plants that either have been shuttered or are scheduled for closure. The Netherlands and Austria have taken similar measures.

The legislation will also allow suppliers to pass price increases on to consumers if authorities determine that a “significant reduction in total gas import volumes to Germany is imminent.” Politicians have so far sought to protect consumers in hopes of avoiding public protests.

“Social peace in Germany is being challenged and stressed,” Robert Habeck, the country’s energy minister, said Thursday.

Read the full article here

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Why People Are Worried About Banks

March 18, 2023

Inflation in February

March 14, 2023

Here’s How to Solve a 25-Story Rubik’s Cube

March 11, 2023

The Second-Biggest Bank Failure

March 11, 2023

At This Year’s Oscars, Two Films Hit All ‘Four Quadrants’

March 10, 2023

Read What Murdoch Said in His Deposition in the Fox-Dominion Case

February 27, 2023
Add A Comment

Leave A Reply Cancel Reply

Top News

Commodity markets likely to escape banking crisis fallout, traders say

March 20, 2023

After an 8.7% Social Security cost-of-living adjustment for 2023, next year’s increase may not be as large

March 20, 2023

AUD/USD oscillates at around the 20-day EMA on risk-on mood, RBA minutes eyed

March 20, 2023

Subscribe to Updates

Get the latest forex and economy news directly to your inbox.

Advertisement
Demo

GFS News is one of the most trusted news portal dedicated to Forex & Economy news from all around the world. Follow us to get the latest news.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest YouTube
Top Insights

How the Swiss ‘trinity’ forced UBS to save Credit Suisse

March 20, 2023

Commodity markets likely to escape banking crisis fallout, traders say

March 20, 2023

Subscribe to Updates

Get the latest forex and economy news directly to your inbox.

Facebook Twitter Instagram Pinterest
  • Privacy Policy
  • Terms and Conditions
  • Advertise
  • Contact
© 2023 GFS News. All rights reserved.

Type above and press Enter to search. Press Esc to cancel.