The German finance ministry pushed back on Friday against the economy ministry's plan to introduce a subsidised industrial power price, with a spokesperson saying that the budget did not allow for it and existing funds could not be redirected.
"There are no funds available for this project," the finance ministry spokesperson said during a regular news conference, shortly after the economy ministry released its plan for a subsidised price of 6 cents per kilowatt hour until 2030.
The proposed subsidy would be in place until 2030 and would cost between 25 billion euros and 30 billion euros based on current market prices, according to the plan.Finance Minister Christian Lindner of the pro-business FDP wrote in afor business daily Handelsblatt on Tuesday that such a subsidy would be "economically unwise", and it would contradict market principles to rely on direct state aid as a means to achieve industrial transformation.
Last year, Berlin introduced electricity and gas price caps to shield industry and households from rising energy prices, but companies in Germany say electricity prices are still too high compared with other countries.
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