The expected increase in gas and electricity prices in Germany by the end of the year

The German price comparison portal “Verivox” has alerted to expectations of an increase in the rates of gas and electricity prices in Germany as the government support program approaches its conclusion by the end of this current year.

According to the portal’s estimations, an average increase of 5.9% in the cost of electricity for annual consumption is anticipated, reaching 1504 euros. Meanwhile, the cost of gas is projected to rise by 7.9%, reaching 2374 euros.

New Rise in Energy Prices in Germany

Anticipated Increase in Gas and Electricity Prices in Germany by Year's End

German Economy Minister, Robert Habeck, has expressed his support for extending the support program until Easter of 2024.

Furthermore, a survey conducted by the portal revealed that 70% of participants support the idea of extending the program, while only 13% believe it should come to an end.

Despite these expectations, “Verivox” emphasized that extending the program could contribute to providing consumers with a psychological sense of reassurance.

Nevertheless, prices for new customers have reverted to the low rates they were at before the energy crisis, with the cost of electricity reaching 29.49 cents per kilowatt-hour and 12 cents for gas.

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