German energy price caps announced by Chancellor Olaf Scholz to mitigate the impact of inflation will go into effect in early 2023, according to a government timetable. The gas price effect is set to go into effect on Jan. 1 for large companies and on March 1 for households and small and medium enterprises, according to a final draft of a €200 billion package of so-called energy shield measures. The price cap will go into effect on Jan. 1 for electricity. The price of energy surged in Germany, and many other European countries, following Russia’s invasion of Ukraine on Feb. 24 and a subsequent decline in gas imports from Russia.
