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Business

German Energy Companies Raise Prices

Many Germans will be paying more for electricity after Germany’s two largest energy companies, E.ON and RWE, raised their prices by an average of 2.7 percent for the new year. This means that an average household will have to pay an additional €1.35 ($1.71) per month, according to RWE. Both companies named electricity production costs as the reason for the increase. Consumer protection groups criticized the price hikes, saying that the price of gas had actually fallen. The costs for imported coal were also irrelevant as domestic stone and brown coal is mostly used, according to the Association of Energy Consumers. Germany’s largest municipal utility company, Bewag in Berlin, has no plans to raise prices so far. Bewag is a subsidiary of Vattenfall Europe, Germany’s third largest energy supplier.