German cabinet approves gas, electricity price brake - Scholz

The German cabinet has approved planned gas and electricity price brakes in an expedited process, Chancellor Olaf Scholz said on Friday, as part of efforts by the government to tackle soaring energy bills for households and businesses.

Earlier on Friday, a spokesperson said the German government was confident it would have the measures passed by both houses of parliament in early December.

Scholz made the announcement during a visit by French Prime Minister Elisabeth Borne to Berlin, during which the two countries signed a joint declaration to strengthen commitment to energy solidarity.

"We have to go farther and limit gas price increases and carry out structural reform of the electricity market to durably allow consumers to pay prices which are aligned to production costs", Borne said, adding: "The right answer to this issue will be European and I am convinced we will converge on the issue."