German Finance Minister and Vice-Chancellor Robert Habeck said that “a huge shock to our economy is on the horizon and we need to address high energy prices very quickly.”

Previously, according to ICE in London, the price of gas in Europe was about $3,400 per 1,000 cubic meters. The price of spot gas in Europe exceeded $3,300 per 1,000 cubic meters for the first time since early March, pending the suspension of Nord Stream supplies for three days, starting August 31, in connection with the repair of the only remaining gas pipeline from Russia to Europe.

For their part, the German authorities, fearful of gas shortages, on August 24 approved a number of energy-saving measures, such as regulating the temperature of heating appliances in government offices and buildings, and urged individuals and companies to follow suit.

Heaters in public areas such as hallways will also be turned off and there will be no hot water for washing hands. In companies, this will lower the minimum temperatures that must be adhered to, which is a way of encouraging the private sector to participate in these efforts, without being forced to do so, and hospitals and social institutions will be exempted from these measures.

A few weeks ago, the government of German Chancellor Olaf Scholz called for a national mobilization to save energy, prices of which have skyrocketed and supplies could be interrupted this winter due to the war in Ukraine.