According to the comparison portal Verivox, the continuing conflict in Iran is driving up power prices. Daniel Puschmann, head of Verivox, informed the “Rheinische Post” that rising prices are already evident, particularly for new customers. Across Germany, the current electricity price for newcomers stands at nearly 31 cents per kilowatt-hour, which represents a 20 percent increase compared to the beginning of March.
He explained that due to consistently high gas prices, established customers should anticipate major price hikes in the coming weeks and months. This is because the cost of electricity is often determined by the most expensive power plant, which is frequently a gas-powered facility. Puschmann provided an example: a four-person family currently pays an average of 1,594 euros annually for electricity under basic supply. By switching to a competitive provider, this family could save around 360 euros and secure protection against future increases via a guaranteed price tariff.
Regarding gas, Puschmann also foresees rising costs because storage levels are at a historically low point for September. While he does not predict a new shortage and assures that people will not freeze, he confirms prices will increase.
He reiterated Verivox’s forecast, noting that while few suppliers nationwide have announced gas price hikes yet, they are expected to catch up by the end of the year. Due to high procurement costs, price increases of up to 20 percent are anticipated. For an average family in a detached house, this translates to an annual expense of about 2,400 euros-roughly 400 euros more than before the Iran crisis-though increases could be even more drastic depending on the final contract.
