Germany to axe energy bills levy amid costs increase

There is a rocky road ahead for the energy sector in Europe due to political instability and soaring energy costs. In contrast, a promising future is on the horizon for Asia as investments continue to flow in.

Germany will get rid of a levy on electricity bills used to finance the expansion of renewables, known as EEG surcharge, in the second half of 2022 to alleviate the pain of rising energy prices on households, Reuters reported.

The head of NATO has advised Europe to diversify its energy supplies. This comes as the UK has cautioned that Russia — the continent’s largest supplier — might cut flows amid Ukraine invasion.

Global demand for natural gas is expected to grow by only 0.9 percent this year as opposed to the 4.7 percent experienced last year, Bloomberg reported citing, the International Energy Agency. This forecast has been made as the energy crisis in Europe is forcing consumers in the continent to opt for coal to curb the rallying energy costs, thus reducing the demand for natural gas in the process.

American alternative investment management corporation Blackstone Inc. has raised $11 billion worth of capital to acquire firms residing in Asia as part of its second private equity fund for the region, Bloomberg reported. The investment tackles various industries in the continent such as renewable energy, electric vehicles, and many more.