Wave Of German Insolvencies Picks Up Speed…”Tenfold Increase in Gas, Electricity Prices”

https://wattsupwiththat.com ^ | 2022 September 11 | P Gosselin

[Enterprise]

As Germany’s electricity and natural gas prices soar, a wave of companies – some having a long tradition – are filing insolvency. Many midsize companies rely on natural gas as a source of energy, but prices have multiplied since early this year.

Blackout News here reports toilet paper maker Hakle has filed for insolvency, citing “increased energy costs”.

“Tenfold increase in gas and electricity prices”

Others include shoe retailer Görtz, who cite low sales as consumers cut back on their discretionary spending, and automobile supplier Dr. Schneider. Steel producer ArcelorMittal in Hamburg und Bremen are also following.

“With a tenfold increase in gas and electricity prices, which we had to accept within a few months, we are no longer competitive in a market that is 25% supplied by imports. We see an urgent need for political action to get energy prices under control immediately,” said Reiner Blaschek, CEO of ArcelorMittal Germany (Financial Market World).

Another industry sector facing extreme hardship is the bakery industry, which relies heavily of affordable energy. According to Blackout News: “For bakeries, the energy crisis is now worse than the Corona pandemic, according to industry sources. ‘We have the problem as a micro baker that we have to adjust our prices to the raw material and energy prices, of course, which also burdens the customer, if he is also a bit tighter on cash,’ says an affected baker from Heilbronn.”

[Grampa Dave]

I suspect the COVID fiasco convinced a lot of people in the 55+ age cohort to simply retire rather than deal with the idiocy imposed on them by government and corporate leaders. #20 posted on 9/5/2022, 12:47:44 PM by Alberta's Child

EU = More Really Good timing with their idiots in charge!

”

Travis McGee, Thanks for posting the above economic reality for the ETU, Euro Trashy Union versus Russia. Also, a reality lesson versus Harvard/Yale B$ and our MMS B$ers.

Oktoberfest may be AXED due to Putin gas crisis, and Bavarian breweries told to stop making BEER as it's revealed Germans must pay £1,000-a-year 'gas surcharge' ON TOP of bills and Hanover turns off hot water!

UK Daily Mail ^ | July 29, 2022 | Chris Pleasance

Posted on 7/29/2022, 9:01:31 AM by C19fan

Germany could be forced to scrap Oktoberfest celebrations and its famous Christmas markets as officials desperately search for ways to save energy after Russia began throttling gas supplies to Europe.

Hanover, yesterday became the first major city on the continent to announce it will turn off all hot water in public buildings to conserve energy, while Berlin has begun dimming streetlights and Augsburg has turned off public water fountains.

Although Europe is scrambling to get energy from elsewhere, any difficulties this winter could be a harbinger of worse to come if Russian gas supplies are completely severed and stay off through 2023, said France’s minister overseeing energy, Agnès Pannier-Runacher.

“If gas deliveries are cut by the end of the year, that will mean we’ll have a full year without Russian gas, so the following winter could be even harder,” Pannier-Runacher told French senators.

[dfwgator]

It will be just like those good old days in old Stalingrad!

[Enterprise]

OUTSTANDING POST!

[SaxxonWoods]

“I suspect the COVID fiasco convinced a lot of people in the 55+ age cohort to simply retire rather than deal with the idiocy imposed on them by government and corporate leaders. #20 posted on 9/5/2022, 12:47:44 PM by Alberta’s Child”

Way ahead of you guys, I did exactly that when I realized Obama would be elected. Retired early. Then I doubled my net worth during his presidency taking advantage of his stupid policies.

That’s when I learned America is an incredibly hard country to bring down.

[NEBO]

Ja, dummköpfe!

[McGruff]

[Luke21]

Klaus Schwab wipes with his hand or uses somebody else’s.

[NEBO]

bttt

[kiryandil]

Tis but a scratch.

[kiryandil]

Don't forget Gazprom's Portovaya plant FlareCam.   

click on the pic to stick it to Putin!

[dsrtsage]

But Greta said they had to make sacrifices, and they all had a great laugh as they all sneered at Trump

[OldWarBaby]

I remember well all thru the 60/70/80’s Ivan advertising his low prices especially for produce. But there wasn’t any. The bananas just never got there. The Check Point Charlie days were sorryass times for the Volk and youda thot the Merkel would have noticed it didn’t work?

[SeafoodGumbo]

Classic!

[mass55th]

Shouldn’t have pissed Russia off in WWII. Payback is always a bitch, especially when you leave yourself wide open for it.

[Bonemaker]

Nice going Deutschland..you have managed to place yourself on the brink of Weimar 11. Same reason...filthy ignorant politicians.

[Jeff Chandler]

Who’s laughing now?

[AlaskaErik]

I pay 12.7 cents per KWh plus a 7.7 cent cost of fuel adjustment. What is the cost in Germany?

[delta7]

Sneer at Trump some more morons.
——-
Even better, keep backing Senile Joe’s back fired sanctions, Vlad’s reverse sanctions has brought the EU to their knees, and Vlad is laughing all the way to the bank.

[FLT-bird]

Zittern im Dunkelheit, Idioten.