Gas, electricity rates jumping almost 130% in some German cities

BERLIN (AA) – The energy crisis is being felt in German pocketbooks, with electricity prices soaring as high as 130% in some cities.

Cologne-based company Rheinenergie is charging more than twice as much per kilowatt hour for its basic supply as of January. The price is jumping to about €0.55 ($0.57) – up almost 130%.

The company pointed to high procurement costs, which are increasingly reflected in the company's long-term purchasing strategy. "Compared to last year, prices on the power exchanges have increased by more than 300%, and at their peak they had increased more than tenfold. In addition, grid fees are also rising," the company explained the price increase to German press agency DPA.

The German comparison portal Check24 counts more than 580 cases of electricity price increases in the basic supply at the turn of the year. "About 7.3 million households are affected by this," according to Check24. The increases amounted to 60.5% on average, according to the portal.

However, there are large differences between some regions. The municipal utility in Potsdam, in the state of Brandenburg, is hiking prices about 21% to €0.46 cents per kilowatt hour, while MVV Energie in Mannheim, in the state of Baden-Wuerttemberg, is charging just under €0.45 as of January, up from €0.27.

The energy supplier EnviaM in Chemnitz in the state of Saxony wants €0.48 in the future, €0.20 more than before. Especially in Bavaria, power rates are rising sharply. There the kilowatt hour will cost €0.61 starting in January. Previously, it was €0.25.