Germany earmarks $83 billion for gas, power price cap in 2023 -draft

BERLIN (Reuters) – Germany will spend 83.3 billion euros ($83 billion), or 42% of a major protection scheme launched last month, to finance a cap on gas and power prices in 2023 in a bid to protect Europe’s top economy, according to a draft proposal seen by Reuters.

The figures provide a more granular breakdown of the 200 billion euro shield the German government has drawn up via its economic stabilisation fund to ease the burden on households and industry in the wake of rising energy costs.

($1 = 1.0040 euros)

(Reporting by Holger Hansen; Writing by Christoph Steitz; editing by David Evans)