German government: Expected to implement energy subsidies in 2026 to boost heavy industry.

German Minister of Economics Katherina Reiche expects the government to introduce a new mechanism on January 1st next year to subsidize electricity costs for energy-intensive industries until 2029. The official stated that negotiations with the European Commission on "industrial electricity prices" have entered the final stages, and the cost of this measure could be as high as 5 billion euros. The planned industrial electricity prices are seen as "an important cornerstone" for improving the competitiveness of the German steel industry, which has been struggling with rising energy costs.