German utility EnBW plans 31% electricity bill hike, Stuttgarter Zeitung reports

1 minute read

Flags of German power supplier EnBW Energie Baden-Wuertemberg AG are pictured at the company's headquarters in Karlsruhe, March 17, 2015. REUTERS/Ralph Orlowski

Register now for FREE unlimited access to

BERLIN, Aug 5 (Reuters) - Customers of Germany's EnBW (EBKG.DE) could see their electricity bills jump by almost a third from October 1, according to a media report, as power utilities hike prices to pass on soaring energy costs.

EnBW's basic supply tariff is set to increase by an average of 31.1%, and other tariffs will see a similar increase, the Stuttgarter Zeitung reported, citing the company.

A spokesman put the number of customers affected in the "lower million range", the newspaper said.

Register now for FREE unlimited access to

EnBW did not rule out further price hikes as a result of the Ukraine war, which has set Germany on a quest for alternative energy sources.

Inflation in Europe's largest economy edged up in July to 8.5%, and Chancellor Olaf Scholz has promised low-income households more support to foot energy bills. read more

In order to stop prices spiralling further, "we must now do everything in our power to ensure that we become completely independent of Russian imports as quickly as possible and massively expand renewable energies," said EnBW board member for sales Colette Rueckert-Hennen.

The development of regenerative energy sources would even have "a cost-reducing effect" in the long term, the Stuttgarter Zeitung quoted her as saying.

Register now for FREE unlimited access to
Writing by Rachel More, Editing by Miranda Murray

Our Standards: The Thomson Reuters Trust Principles.