Germany has approved a bill to abolish the natural gas storage levy in a move aimed at reducing energy costs for households and businesses, the Federal Ministry for Economic Affairs and Energy (BMWK) announced Wednesday.
The measure will provide financial relief for all end consumers, including large companies and small- and medium-sized enterprises (SMEs), the ministry said.
Depending on consumption, a four-person household is expected to save around €30 to €60 a year.
Overall, the burden is reduced on all end customers by approximately €3.4 billion, the ministry said.
The reduction in gas prices is also expected to indirectly lower electricity costs, as the surcharge also impacts gas purchases by gas-fired power plant operators.
By Busra Ozaltan
Anadolu Agency
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