According to the comparison portal Verivox, gas prices for private households are expected to rise further due to the ongoing conflict involving Iran. Thorsten Storck, an energy expert at Verivox who spoke with the “Rheinische Post,” noted that rising wholesale gas prices, combined with low storage levels in Germany and the onset of winter, are driving up costs for consumers.
Storck emphasized that new customer tariffs have quickly mirrored the changes in wholesale prices, having already jumped by over a third since February. However, he added that existing customer rates, while reacting more slowly to the price trends, will eventually see increases as well. Based on current pricing, a rise of between 10 and 20 percent is possible before the end of the year.
The wholesale price across Europe reached its highest point in over three and a half years this week following reciprocal attacks by the US and Iran.
Furthermore, Malte Küper, an energy expert from the Institute of the German Economy (IW), stated that Germany is particularly susceptible to price shocks because its economy is more reliant on natural gas than many other nations. Both Germany and the European Union are nearly completely dependent on gas imports.
