Germany's Rheinenergie to double gas prices from October

German utility Rheinenergie, the energy supplier to the city of Cologne, on Monday said prices to some customers would more than double from Oct. 1, thanks to a 450% jump in gas procurement costs.


Reuters | Berlin | Updated: 01-08-2022 22:57 IST | Created: 01-08-2022 22:56 IST
Germany's Rheinenergie to double gas prices from October
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German utility Rheinenergie, the energy supplier to the city of Cologne, on Monday said prices to some customers would more than double from Oct. 1, thanks to a 450% jump in gas procurement costs. Falling Russian gas flows have forced energy suppliers across Europe to buy fuel at significantly higher market prices.

Rheinenergie said it was raising natural gas prices to 18.30 euro cents per kilowatt hour (Kwh) from 7.87 cents currently. "In a Cologne apartment with 10,000 Kwh of annual consumption, the annual cost increases to around 2,002 euros ($2,056.85) (previously: around 960 euros)," Rheinenergie said in a statement.

It said a levy the government introduced last month on all gas consumers from Oct. 1 was not included in the new listed prices. District heating prices will also increase to around 705 euros in 2022 for an average Cologne apartment from 407 euros per year.

The company will inform all its natural gas customers of the price increase and monthly prepayment will be adjusted to avoid high annual bills, it said, adding that tenants who pay their energy costs with rent should also take precautions against higher back payments. ($1 = 0.9733 euros)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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