Germany cuts electricity levy

The German government will drastically lower a levy on electricity consumption from 2022 to help ease the burden on consumers as Europe battles soaring energy prices, grid operators announced Friday.

The Renewable Energy Act (EEG) surcharge, used to fund the expansion of solar and wind plants, will fall by more than 40 percent to 3.723 cents ($0.043) per kilowatt hour from January 1, according to a statement by 50Herz Transmission, Amprion, TenneT TSO and TransnetBW.

It is the largest reduction yet since the green levy was introduced in 2000 to help Europe’s top economy transition away from fossil fuels towards cleaner energy sources.

– AFP