Seven energy companies suspend work due to rising gas prices

Seven energy companies in Germany have ceased operations and have partially gone bankrupt since October due to rising gas prices, Report informs, citing foreign media.

Electricity supplier Stromio became the seventh company on the list, with the interruption of supplies associated with high gas prices in the spot markets.

According to the Federal Grid Agency, since the beginning of this year, 38 energy companies have announced the end of supplies, 12 of them have already stopped working, the rest are planning to complete their activities by December 31.

Gas and electricity prices for consumers in Germany rose in 2021 by an average of 18.4% and 46.6%, respectively, and they are also expected to rise next year.