According to estimates by the Federal Network Agency, consumers in Germany will only benefit from the lower wholesale prices for gas and electricity in a few months. “It should take six to twelve months before the reduction in wholesale prices for gas and electricity also reaches household customers,” said the head of the Federal Network Agency, Klaus Müller, of the “Rheinische Post”. “This is due to the term of the contracts and the purchasing strategy of the company.”
He expects companies to make price cuts, said Müller. “However, it will not be as cheap as in 2021.” Wholesale gas prices, which were over EUR 300 per megawatt in late summer, have fallen to around EUR 50. That is far more than in 2021, but the new normal. “We have to get used to higher prices, the era of cheap energy from Russia is finally over,” said Müller.
“We get a lot of complaints from consumers who criticize the high prices of their supplier,” the agency chief said. Consumers would have a special right of termination if prices were increased. And if companies violate consumer rights, the Federal Network Agency can take action.
