The cost of the new gas tax in Germany is revealed: media — RT Business News

The cost of the new gas tax in Germany is revealed: Media

Berlin seeks to spread the high costs of replacing Russian gas among domestic and industrial consumers

Germany’s new gas tax will reportedly cost final consumers up to €600 ($600) a year, Reuters reports, citing government and industry sources.

According to the report, the tax will be set at between two and three eurocents per kilowatt hour, which, according to calculations, will mean between 400 and 600 euros of additional cost for the average family of four people per year.

The measure was introduced earlier this month by Germany’s Bundeskabinett, the country’s top executive body. Authorities plan to impose the tax from October 2022 to April 2024 in an effort to spread 90% of importers’ extra costs, due to reduced supplies from Russia, among German households and industrial consumers.

Berlin has not yet revealed the final cost of the fee. Germany’s gas market operator Trading Hub Europe is expected to announce later on Monday.

Germany is currently trying to store enough gas for the upcoming heating season, a process that is proving difficult due to the conflict in Ukraine and sanctions on Russia, as well as technical difficulties at Russia’s gas transportation facilities.

Germany’s gas storage facilities are currently slightly above 70% capacity. However, according to a more recent regulation, they must be at least 75% full by September 1, 85% by October 1, and 95% by November 1.

Melissa Galbraith
Melissa Galbraith is the World News reporter for Globe Live Media. She covers all the major events happening around the World. From Europe to Americas, from Asia to Antarctica, Melissa covers it all. Never miss another Major World Event by bookmarking her author page right here.