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GERMANY'S HARD WINTER

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Vladimir Vinogradov's picture
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  • Aug 12, 2022
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BLOOMBERG published - Aug 11, 2022 - German Chancellor Olaf Scholz promised citizens a third package of financial assistance to offset surging inflation stoked by Russia’s move to cut gas supplies, while warning that the coming months will be challenging for Europe’s biggest economy.

At his inaugural summer news conference Thursday -- an open forum for questions from the media -- Scholz was keen to hammer home the message that his government has the energy crisis under control and won’t abandon citizens suffering from rising heating costs. At the same time, he made it clear that the coming winter will be tough.

With nearly half of German homes relying on gas for heating, the country faces potential rationing if it fails to secure sufficient reserves. The government is targeting storage facilities to be 95% full by November, compared with 73.7% as of Tuesday.

The energy crunch has dominated Scholz’s agenda in recent months. Last week, he traveled to a facility in the Ruhr region to inspect a turbine that Russia has blamed for issues with the key Nord Stream pipeline.

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