Bloomberg learned about the preparation of the German population and business for “difficult times”

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Due to the decrease in Russian gas supplies and rising energy prices, gas bills could triple. Companies are preparing to reduce or even stop production, which will harm the economy and reduce the number of jobs 756562193498893.jpg” alt=”Bloomberg learned about the preparation of the German population and business for “difficult times”” />

Germany Prepares Citizens and Businesses for 'Difficult Times' due to the reduction of Russian gas supplies, writes Bloomberg.

The head of the Federal Electricity Network Agency (BNetzA) Klaus Müller warned that households could face doubling or tripling gas bills, and urged citizens to save energy and money .

The agency cites data from the Bundesbank, according to which, if gas supplies from Russia stop, the German economy will shrink by more than 3% in 2023. Bloomberg notes that this will be the worst recession, except for the recession caused by the COVID-19 pandemic and the global financial crisis.

“The outlook is grim. Factory orders have fallen in the past three months, costs are rising, and trust is crumbling,— notes the publication.

German companies are preparing to reduce energy consumption. Thus, due to the increase in the cost of gas, BASF may reduce production, and BMW may switch from electricity generation at its own power plants to its purchase.

The head of the German division of the Swiss pharmaceutical company Roche Holding, Hagen Pfudner, suggested that if necessary, part of the production could be switched from gas to oil, but stressed that this would reduce efficiency by five times.

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As Bloomberg writes, production cuts or even shutdowns in some cases will accelerate the loss of jobs and “cause long-term damage to the country's economic landscape.”

Gazprom cut gas supplies to Europe in mid-June. The company cited the late return of gas pumping units from repair by Siemens as the reason, as well as technical malfunctions of the engines. Later, gas transfer was reduced even more due to the shutdown of another turbine.

Against this background, the companies— gas importers to Europe began to report a reduction in the volumes they receive.

German Economy Minister Robert Habeck did not rule out that Russia would completely stop gas supplies after the planned two-week shutdown of Nord Stream; in July for maintenance.

In France, three energy companies— Engie, EDF and TotalEnergie— on Saturday urged citizens and businesses “immediately” limit the consumption of electricity, gas and oil products.

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