Germany will spend about €83 billion on a gas and power price cap in 2023 as part of its €200 billion protective shield package. “Germany will spend €83.3 billion, or 42% of a major protection scheme launched last month, to finance a cap on gas and power prices in 2023 in a bid to protect Europe’s top economy,” the draft proposal said.
In early November, Germany’s government agreed to cap households’ energy bills. Chancellor Olaf Scholz announced the decision after a meeting with the heads of the federal states. It will come into effect in March 2023. The support plan has prompted backlash as the bloc tries to forge a united response to high prices.
Thus, Paris is reportedly furious with Berlin for launching a €200 billion domestic energy scheme behind the back of its closest neighbor. French President Emanuel Macron slammed German Chancellor Olaf Scholz for making important decisions without consulting partners.
