Germany set to borrow EUR 200bn for energy support

The German federal government has agreed to ”raise a large defense shield” to cushion the impact of the energy crisis.

To announce the energy package, German Chancellor Olaf Scholz had to do a video press conference after testing positive for Covid. | Photo: JOHN MACDOUGALL/AFP / AFP

BY LOUISE WENDT JENSEN, TRANSLATED BY CHRISTOFFER ØSTERGAARD

Germany’s three government parties have agreed to borrow EUR 200bn for additional energy support, writes Danish daily Børsen.

The news comes after several days of negotiation between government parties and strong urging from minister presidents of federal states on a cap on gas prices.

The exact details of this plan are as yet unclear, but a cap on gas prices is on the table in the form of a subsidy scheme for paying the difference between the cap and what gas importers pay on the world market.

At a press conference, German Chancellor Olaf Scholz stated that the government ”will do everything in its power to bring prices down” on energy.

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