Status: 03/29/2022 12:43 p.m
Even before the start of the Ukraine war, energy prices had risen enormously, as the Federal Statistical Office now shows in detail. The situation worsened in March.
Even before the Russian invasion of Ukraine, the uncertainties on the energy markets and the tense supply situation with natural gas drove energy prices up dramatically.
As the Federal Statistical Office announced today, the price of imported energy increased by 129.5 percent in February, more than twice as much as a year earlier. Domestically generated energy cost 68.0 percent more.
Consumer prices up 22.5 percent
Consumers had to pay a total of 22.5 percent more for household energy and fuel than in February 2021. The prices for electricity rose by 13 percent, for light heating oil by 52.6 percent and for petrol by 24.2 percent. In the case of natural gas, the statisticians determined an increase of 125.4 percent across all customer groups.
The enormous price increases on the energy markets therefore did not fully affect private households. According to the statisticians, the buyers in industry and resellers were particularly affected by the price increases. The latter are companies that buy natural gas and sell it to power plants, industry, trade and commerce, and household customers. In February, resellers had to pay 143.8 percent more for natural gas than a year earlier, and industrial customers even 194.9 percent. According to the Federal Office, the stock exchange listings for natural gas were more than four and a half times as high as in February 2021.
Natural gas the biggest price driver
According to the Federal Office, natural gas prices are also primarily responsible for the increase in energy prices in the upstream economic stages. Imported natural gas was three and a half times more expensive in February 2022 than a year earlier.
In the past year, the price development for natural gas was initially characterized by the rapid recovery of the economy after the Corona collapse, the Federal Office explained. In the past few months, uncertainties before Russia’s attack on Ukraine have increased. The already tense situation has also been exacerbated by the low level of gas storage in Germany.
Further price increases after the beginning of the war
As the Federal Office explained, the current price developments after Russia’s attack on Ukraine are not yet included in the results. There is still no reliable data on the price development in March. However, the primary markets for natural gas and crude oil had already partially anticipated the impending shortages.
As a rough estimate, market prices for natural gas are currently around 20 percent and oil prices around 10 percent above pre-war levels. In any case, consumers will have to be prepared for significant price increases in their longer-term supply contracts for natural gas and electricity in the coming weeks and months.