The CEO of comparison portal Verivox, Daniel Puschmann, expects further price increases in the gas market, adding to the already significant hike. According to Puschmann, Verivox anticipates nationwide price inflation, which will affect existing customers as well.
Currently, the cost of gas is nearly 20 percent higher than last year, translating to roughly 13 cents per kilowatt-hour. Given this rise, consumers are advised to review their current contracts and compare offers if prices increase. Those who have a price guarantee may not need to take action.
Prices have also surged considerably in wholesale markets. Puschmann noted that these prices are now around 200 percent higher than the previous year. For instance, a megawatt-hour cost 32 euros in February but is now 96 euros. He stated that this escalation will eventually be reflected in domestic household contracts, although predicting the exact magnitude of future gas price increases remains challenging, as suppliers employed diverse purchasing and strategic approaches.
Puschmann emphasized that despite storage facilities being relatively low, an immediate supply shortage of gas is not anticipated. He distinguished the current situation from that of 2022, noting that Europe competes internationally with other buyers like Japan for finite resources due to supply disruptions, particularly in the Middle East. He stressed that the issue is primarily a matter of pricing, not the availability of gas itself, making the ultimate cost of heating the deciding factor.
When signing new contracts, consumers should pay attention not only to the price but also to the contract term. Newer contracts usually allow for monthly termination after the minimum duration expires, whereas older contracts might automatically renew for twelve or even twenty-four months. Therefore, consumers must cancel in time to avoid being locked into higher rates.
Regarding government action, Puschmann called for increased governmental focus on the rising costs of both electricity and gas. He argued that while public attention is currently heavily directed towards gasoline prices-which are immediately visible-the higher gas bills arrive at households with a time lag. He expects that both electricity and gas will continue to place a heavy burden on consumers.
One potential measure to alleviate the costs is to lower the electricity tax to the European minimum level. For a household using 4,000 kilowatt-hours annually, this could save approximately 90 euros, while a couple using 2,500 kilowatt-hours could save around 60 euros.
