| 2 March 2024, Saturday |

Germany to use windfall tax income to reduce energy prices for end consumers

Germany’s government would use windfall tax revenue to cut end-consumer gas, oil, and coal costs, German Chancellor Olaf Scholz said on Sunday, unveiling measures to mitigate the impact of growing energy prices on the country’s population.

Scholz said the government plans to tie certain social benefits to the current or expected inflation rate in the future and will earmark 1.5 billion euros ($1.49 billion) for a discounted public transportation offer.

The measures are part of a 65-billion-euro package the ruling coalition government agreed on Sunday to help citizens and companies struggling with rising inflation in Europe’s biggest economy.

  • Reuters