Germany will implement a temporary tax in order to cover the increasing costs of natural gas importing institutions within the scope of their efforts to replace Russian gas, after Russia cuts gas flow to Europe.
With the new tax, the cost of natural gas for households in Germany will increase by about 500 euros ($509.65) per year.
The tax, introduced by Germany to help Uniper and other importers cope with rising prices, will come into effect on 1 October and will remain in effect until April 2024.
German gas market operator Trading Hub Europe announced that consumers will pay 2,419 euro cents more per kilowatt hour (kWH).
Accordingly, the average energy costs of a family of four will increase by around 480 euros.
On the other hand, industrial institutions will also be affected by the temporary tax application. German steel group WV Stahl stated that on top of the extra cost, which has already reached 7 billion euros due to high energy prices, an additional 500 million euros will be added to the energy bill of the industry with the tax application.
Economists, on the other hand, warned that the tax in question could further escalate inflation, which has already reached 8.5% in Germany, the largest economy in Europe.