German Minister of Economy and Climate Protection Robert Habeck told reporters after the German cabinet meeting that if there is enough gas in Germany’s gas stores by the end of this winter, the country will not see the record price increases in power last year.
Stating that a decrease in power prices is not expected in the global markets, Habeck said, “No one can really be sure or claim whether there will be a real permanent change for the better. But there is a chance.”
Robert Habeck argued that Germany’s electricity supply is guaranteed until 2031, despite the country’s gradual exit from coal and expected consumption growth in the coming years.
According to the report of the German government, electricity supply will be reliable in the country in 2025-2031, with the expansion of renewable capacity and transportation networks by moving away from fossil fuel-fired power plants.
The German government is expected to publish its strategy for power plants by June 2023.