German government declares second stage of national gas emergency program after Russia’s supply drops to 40%

Berlin, June 24: On Thursday, the German government declared the second phase of the country’s national gas emergency program after Russia’s gas supply via the Nord Stream 1 pipeline was cut to 40% of its capacity. “The situation is serious,” said Robert Habeck, Minister of Economy and Climate Action, who described the reduction in gas supply as an “economic attack.”

Germany’s gas storage facilities are much more full than in the previous year, but the desired pre-winter storage levels are “almost unattainable without additional measures,” Habeck said. In late March, Germany announced the first phase of its three-stage emergency plan, the early alert level.

However, for the time being, the government has not yet used the so-called price adjustment mechanism. “This mechanism may be needed in certain situations to prevent the collapse of the energy supply, but it also has its drawbacks, so we are working on an alternative concept,” says Habeck. Slovakia states that Russia’s Gazprom has reduced its gas supply by 50%.

According to official figures, Germany’s inflation rate reached 7.9% in May, driven by soaring energy prices. This was the highest level since the first oil crisis in the winter of 1973-1974.

According to Habeck, gas prices are expected to rise further. “This will affect industrial production and will be a heavy burden for many consumers.”

The German government has already taken some steps to mitigate the impact of rising energy prices on consumers and businesses. This includes increased basic tax exemption allowances, increased mileage allowances for long-distance commuters, discounted public transport tickets, and fuel tax cuts. “We are in a gas crisis,” Habeck said. “Gas is a rare product from now on.”

(This is an unedited and auto-generated story from a syndicated news feed. LatestLY staff may not have changed or edited the content body)

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