Despite a shortage in the energy market and an almost complete ban on Russian gas imports, Germany is ready for the upcoming winter. German Chancellor Olaf Scholz said that the local storage facilities passed the 95% target. It appears that the country will be able to survive the winter.
The ongoing energy crisis will not be devastating, Olaf Scholz pointed out. Germany will make it through the winter if citizens, companies, and policymakers continue to adapt to the country's changed energy situation. He also noted that in the foreseeable future, the country will hardly resume Russian gas supplies.
The German authorities are looking for new energy suppliers, e.g. from Chile, Mexico, India, and Australia. They may also try to establish ties with gas suppliers from South America. In order to expand the list of potential partners, the German government calls for a revision of the EU trade agreement ratification, seeking markets with the most attractive gas prices.
Germany has also adopted new stimulus measures to support businesses and households. The German Chancellor's coalition agreed on a relief plan worth about €65 billion. The government froze electricity and gas prices, as well as the reduced value-added tax on gas consumption from 19% to 7% until the spring of 2024.
