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01 Sep 2022, 12:11
Julian Wettengel

Import price for natural gas to Germany in July 2022 three times higher than last year

Clean Energy Wire

Energy imports to Germany cost 131.7 percent more in July 2022 than one year before, the Federal Statistical Office (Destatis) said. The 223.6 percent increase in the price of natural gas had the largest influence on the year-on-year rate, followed by that of crude oil with 64.7 percent. Hard coal was 260.8 percent more expensive. Electricity cost almost four times as much in July 2022 as it did a year earlier (+291.1%). Compared to June 2022 alone, imported electricity became 41.7 percent more expensive, Destatis said. The increase in energy prices was the main driver of an overall increase in prices for imports of all kinds to Germany: Overall, import prices were 28.9 percent higher in July 2022 than in the same month a year earlier.

Europe is experiencing new extremes in energy price hikes, initially caused by strong demand for natural gas during the economic recovery from the coronavirus pandemic, but then exacerbated by the fallout of Russia’s war against Ukraine. Governments across the continent have introduced relief packages for citizens struggling with rising costs.

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