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EnBW to further rise retail gas prices as procurement costs spiral

Reuters
·1 min read
FILE PHOTO: Flags of German power supplier EnBW Energie Baden-Wuertemberg AG are pictured at the company's headquarters in Karlsruhe

FRANKFURT (Reuters) - German utility EnBW on Tuesday said it would raise retail gas prices by more than a third from December due to higher procurement costs, raising the bill for a typical four-person household by an additional 768 euros ($745) per year.

From Dec. 1, 2022, prices will rise by an average 38% to 13.54 euro cents per kilowatt hour (kWh), the company said, around three months after the latest increase became effective.

"As a result of the war of aggression on Ukraine, the energy markets have been experiencing unprecedented price increases and permanently high price levels in recent months," EnBW said.

The company said gas prices on the wholesale markets averaged around 2 cents per kWh in previous years, while they have increased fivefold to about 11 cents per kWh so far this year.

($1 = 1.0304 euros)

(Reporting by Christoph Steitz; Editing by Madeline Chambers)