The Effects of Fiscal Support on Energy Prices

In the first year, probably a lot of companies were anyway well-hitched against energy price charts. They just bought the gas on the wholesale markets in long-term contracts from suppliers. And I mean, here we have seen a massive state intervention by essentially German state taking over Unipera and therefore softening the blow for Uniper's industrial consumers. At the same time, the public support that has been in some countries quite substantial has probably helped a series of industries. But nonetheless, price conditions certainly over the medium term are permanently worse than they seem to be before the invasion or certainly before the pandemic.