Germany unveils huge electricity price relief

BERLIN, Nov 09 (AFP): Germany announced Thursday a huge relief package including tax cuts on electricity for the manufacturing sector, as Berlin seeks to shore up an economy that many fear could end the year in recession.

"Alone in the coming year, the relief will reach up to 12 billion euros ($12.8 billion)," said Chancellor Olaf Scholz in a statement.

In 2024 and 2025, electricity tax will be slashed from the current 1.537 cents per kilowatt to the EU minimum of 0.05 cents per kilowatt for the manufacturing sector.