March 3, 2024 10:59 pm

Germany overpaying for gas – data   — RT Business News

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Germany has halved imports of natural gas since 2021 but is essentially paying the same costs for supplies, according to an analysis published on Sunday by RIA Novosti based on official statistics.

The EU’s largest economy reduced overall gas imports by 2.5 times between January and September this year compared to the same period two years ago. However, the costs of the fuel remained the same for Germany due to a 2.5-fold increase in prices, the analysis found.

Overall, Germany’s gas purchases slumped by 1.8 times to 65.9 billion cubic meters in January-September 2022 from 121.7 billion cubic meters during the same period last year. Moreover, the outlet also found that imports from Russia collapsed to only 47.9 billion cubic meters this year.

Germany, which relied on Russia for 40% of its gas demand before 2022, was among the hardest hit by the reduction of Russian energy supplies last year. Deliveries were either significantly curtailed or entirely halted after the EU, of which Germany is a part, imposed sanctions on Moscow in response to the Ukraine conflict.

In the first three quarters of this year, Berlin paid €21.3 billion ($23 billion) for gas supplies compared to €22.2 billion in the same period in 2021 despite a sharp decline in imports. This is because the average annual price per one cubic meter of gas has more than doubled from €0.18 in 2021 to €0.45 this year.

A prolonged energy crisis, resulting from a gas supply shortfall, has significantly impacted German manufacturing. The surge in prices for raw materials and energy has taken a toll on most of the country’s industries. Additionally, numerous households in Germany have faced the brunt of escalating energy bills over the past year, with power and gas suppliers grappling with higher wholesale market prices and soaring grid fees.

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Original Source: Germany overpaying for gas – data   — RT Business News

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