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German gas consumers won’t be left out in the cold amid Uniper bailout, says Scholz

German gas consumers won’t be left out in the cold amid Uniper bailout, says Scholz

German gas consumers won’t be left out in the cold amid Uniper bailout, says Scholz

German gas consumers won’t be left out in the cold amid Uniper bailout, says Scholz (cr:google)

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  • German gas consumers will not be left to bear higher energy costs on their own.
  • Chancellor Olaf Scholz promised relief measures in tandem with state bailout for Uniper.
  • Welfare and housing benefit reforms, including addition of a heating cost component, will take effect next year.
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BERLIN, 22 JULY – German gas consumers will not be left to bear higher energy costs on their own, according to Chancellor Olaf Scholz, who promised relief measures to protect low-income families in tandem with a state bailout deal for utility Uniper (UN01.DE).

Welfare and housing benefit reforms, including the addition of a heating cost component, will take effect next year, Scholz said at a news conference in Berlin.

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The reforms are intended to help cushion higher energy bills after Uniper is allowed to pass on additional costs to consumers beginning in September or October, according to Scholz, who warns that the increases will eventually affect everyone.

Scholz stated that details will be discussed with representatives from employers associations and labour unions in mid-September.

Uniper received 15 billion euros ($15.2 billion) in guarantees and equity on Friday, as the German government intervened to save the gas importer, which has been the biggest casualty of Europe’s energy crisis thus far.

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However, the bailout will not serve as a template for potentially rescuing other energy suppliers, according to Scholz, who added that the federal government would do everything possible to stabilise the industry amid the spike in purchase prices.

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