Germany Secures Long-Term Electricity Price Support for Industry

The German government has reached a five-year agreement on a package of measures to support industry in the face of high electricity prices, amounting to up to 12 billion euros next year alone. The measures include cutting the electricity tax for manufacturing firms and extending compensation for companies at risk of relocating. While economists largely welcomed the deal, doubts remain about whether it will fully achieve competitive electricity prices for the entire industry.