Germany plans $83B for ‘energy price brakes’ in 2023: Report

Germany's planned "price brakes" for electricity and gas will cost about €83 billion ($83 billion) in 2023, local media reported on Monday.

The federal government's planned €200 billion in special funds to mitigate the effects of skyrocketing energy costs is supposed to last until 2024.

German press agency dpa reported that Finance Minister Christian Lindner is already earmarking more than half for next year. In addition, around €15 billion is said to have been budgeted for the stake in energy utility Uniper, which is in severe financial straits.

According to the economic plan, numerous relief measures that have already been decided, such as the heating cost subsidy and the housing benefit reform, will come up with additional costs of €2.2 billion.

Added to this is another €2 billion for the decision not to allow the CO2 price to rise in the coming year.