August 15, 2022

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German union fears an energy crisis |  Financial issues

German union fears an energy crisis | Financial issues

“The lack of gas threatens to collapse entire industries such as aluminum, glass and chemical industries,” Yasmine Fahimi, head of the DGB, said in an interview with German newspaper Bild am Sonntag. “Such a collapse would have serious consequences for the entire economy and employment in Germany.”

price ceiling

She says the energy crisis is already pushing inflation to record levels. It calls for an energy price cap for households. “The higher costs of carbon dioxide emissions mean more burdens on households and businesses,” continues Fahimi. The crisis can also lead to social unrest.

Economy Minister Robert Habeck said Saturday that the government is working on measures to tackle rising costs. He did not give details of those plans. He warned earlier that the pressure on Russian gas supplies could lead to more disruptions in the economy.

Russia has cut Nord Stream pipeline deliveries by 60% and the entire pipeline is due to be shut down for maintenance this month. Germany doubts whether Nord Stream deliveries will resume after that.

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