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ENERGY

RWE CEO stepping down early

Jürgen Grossmann, who heads Germany's second largest power company, RWE, is to step down early and be replaced by Dutchman Peter Terium, the company said Monday.

RWE CEO stepping down early
Photo: DPA

The 59-year-old Grossmann, a strong advocate of nuclear energy, will hand over to Terium, 47, on July 1 next year.

Grossmann was originally due to retire at the end of September 2012. The company did not cite a reason for moving up his departure date.

Terium is currently the head of RWE’s Dutch and Belgian subsidiary Essent N.V.

RWE, along with competitor EON, is the largest operator of nuclear reactors in Germany and Grossmann was long considered the country’s main nuclear power advocate.

Chancellor Angela Merkel’s government decided in the wake of the disaster at the Fukushima plant in Japan in March to close for good all 17 of Germany’s nuclear reactors within 11 years.

“(Terium) will promote the further transformation of the company in a fast changing environment and will be able to lead the company to continued success in the future,” RWE supervisory board chairman Manfred Schneider said in a statement.

AFP/mdm

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ENERGY

German households to receive relief for gas costs ‘starting in January’

To help German residents with skyrocketing energy costs, the government is planning to provide relief starting in January, according to draft legislation.

German households to receive relief for gas costs 'starting in January'

Through the gas price cap, the so-called Gaspreisbremse, both German residents and companies will receive retrospective relief for their gas costs starting in January 2023, according to the draft. 

Previously the relief payments were set to stretch between March 2023 and spring 2024, with 25,000 larger businesses, as well as almost 2,000 hospitals and schools to receive the help starting in January. 

READ ALSO: How much could households save under Germany’s new price cap?

The German government is reacting to the sharp rise in energy prices with energy price brakes worth billions and wants to soften the blow on both private households and companies. 

Germany will also be divvying out a one-off energy relief payment in December.

READ ALSO: When will people in Germany get their December gas bill payment?

How much will households and businesses receive?

Under the gas price cap, households and small and medium-sized enterprises are to receive a guaranteed gas gross price of 12 cents per kilowatt hour for 80 percent of their current consumption. For the remaining 20 percent of consumption, the contract price is set to apply.

For district heating, the guaranteed gross price is to be capped at 9.5 cents. 

Starting in January, a gas price brake is also planned for industry. These large consumers are to receive a guaranteed price of 7 cents per kilowatt hour net for 70 percent of their previous consumption volume.

The largest part of the energy price brake is to be financed by a “defence umbrella”, or special reserve, totalling up to €200 billion. The government is still taking on new debt in order to finance the energy caps. 

Russia’s war against Ukraine has increasingly aggravated the situation on the energy markets in Germany and Europe in the course of 2022, the draft states. 

In particular, the recent large price increases for natural gas and heat represent a “considerable, in some cases existence-threatening burden for residents and companies in Germany,” it continued. “They are an enormous socio-political and economic challenge.”

Vocabulary

relief – (die) Entlastung

Natural gas – (das) Erdgas

Consumption – (der) Verbrauch

cushion/soften a blow – abfedern

We’re aiming to help our readers improve their German by translating vocabulary from some of our news stories. Did you find this article useful? Let us know.

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