In the second half of 2022, gas and electricity prices for German consumers increased sharply again. For private households, the gas price rose by an average of 16.2% to 9.34 cents per kilowatt hour compared to the first half of the year, the Federal Statistical Office in Wiesbaden said. Compared to the same period last year, the cost of gas increased by 36.7%.
Electricity prices increased less. Private households paid 4.4% more than in the first half of 2022, or an average of 34.96 cents per kilowatt hour. Compared to the same period last year, growth was 6.4%.
This takes into account relief such as the December emergency aid from the German government, which abolished the December surcharge for German households using gas or district heating, as well as a reduction in the VAT rate and the elimination of the surcharge on the EEG.
Record prices paid
“The recorded increase in electricity and gas prices in the second half of 2022 is indicative of the magnitude of last year’s energy price shock, with private households paying record prices for gas and electricity. electricity in the second half,” said Sebastian Dullien. , Scientific Director of the Institute for Macroeconomics and Business Cycle Studies of the Hans Böckler Trade Union Foundation. “Rising prices are primarily responsible for the current high inflation in Germany.” Rising consumer prices are also a result of the high cost of energy.
Wholesale prices drop
Rising costs for consumers contrast with falling wholesale prices. While the sharp increase in electricity and gas purchase prices has been the main driver of price increases in recent months, wholesale figures are currently on the decline. However, price reductions for consumers are not yet planned. “Wholesale price changes are passed on to prices for private households with some delay, because the contracts there usually have longer durations,” Dullien explained.
The sharp increase in wholesale gas prices in the second half of 2022 has not yet been fully reflected in the final prices of last year. Therefore, the cost of gas for consumers could even increase, expects the economist. Given the length of contracts and the companies’ supply strategy, the Federal Grid Agency said in March that consumers would only benefit from lower wholesale gas and electricity prices after 6 to 12 month.
The industry groans
German industry is also expecting lower energy prices. According to the Federal Statistical Office, non-residential consumers such as businesses and governments paid 25.3% more for gas in the second half of the year than in the first half of 2022. This amounted to an average of 8, 06 cents per kilowatt hour of gas. Electricity cost non-residential consumers 4.4% more than in the first half of 2022, as did private households, which therefore paid an average of 20.74 cents per kilowatt hour for electricity in the second half.
“Since the second half of 2019, i.e. just before the Corona pandemic, electricity prices for large consumers among companies have increased by around 50%,” Dulyen said. He added that a similar situation has developed with gas prices. “This puts a strain on international competitiveness, especially against competitors from countries where energy is cheaper.”
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