BERLIN (Reuters) -Germany’s ruling parties have agreed to introduce a power subsidy for energy-intensive industries, setting the price at around 5 euro cents per kilowatt hour, Chancellor Friedrich Merz said on Thursday.
German companies including automakers and steelmakers have long complained that high energy prices in Europe’s largest economy put them at a competitive disadvantage.
The agreed subsidised electricity price for industry is to remain in place from 2026 until 2028, conservative leader Merz said after talks with his Social Democrat coalition partners.
“Discussions with the EU Commission are largely complete, and we expect to receive approval for this,” Merz said.
(Reporting by Rachel More. Editing by Mark Potter)
