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A survey of 3 500 companies in Germany has found that 16 percent of them are cutting production, or partially discontinuing business operations, due to soaring energy prices.
“These are alarming figures,” said Peter Adrian, president of the Chambers of Industry and Commerce which made the study. “They show how permanently high energy prices are a burden,” he added.
Germany is largely dependent on Russian gas to fuel its export-led economy and to keep homes warm. But the nation has been bracing for a possible complete halt in Russian supplies if Moscow steps up its use of gas as an economic weapon against the West while it wages war in Ukraine.—FF News
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