German Finance Minister says EU supports industrial electricity price support plan.

German Finance Minister Kramp-Karrenbauer stated on Tuesday that the European Commission has notified Germany of its support for the energy price support plan for the industrial sector that will be introduced next year. Kramp-Karrenbauer pointed out that Germany is in close communication with European Commissioner for Competition, Margrethe Vestager, and that this support plan will provide protection for manufacturers and their employees who are involved in global competition but are affected by high electricity prices in the region. He revealed that industries currently receiving electricity subsidies will continue to receive support, and the plan is also set to expand to industries such as organic chemistry, glass manufacturing, and battery production. For small and medium-sized enterprises that are unable to benefit from subsidies, the German federal government plans to introduce an industrial electricity price policy: setting a cap on electricity costs at around 50 euros per megawatt hour for three years starting from 2026.