By Ed Frankl and Pierre Bertrand


Shares in German energy-intensive industrial firms jumped Monday after a commission chosen by the country's government proposed billions of euros in targeted measures to cap gas costs.

At 1425 GMT, chemical companies BASF traded 6.1% higher, Covestro climbed 8.9%, Lanxess was up 5.8%, Evonik rose 5.7%, and Wacker Chemie was up 5.2%.

Meanwhile, steelmaker Thyssenkrupp rose 6%, and construction-materials manufacturer HeidelbergCement was up 6.5%.

Under the proposals, larger industrial companies would from January 2023 until spring 2024 pay 7 European cents per kilowatt hour for the first 70% of their equivalent 2021 gas consumption, with market rates being paid above that.

The German government said the plans drawn up by the commission were a good basis and said it would examine the measures quickly.

The proposals, including separate help for households and smaller businesses, would cost around 96 billion euros ($93.5 billion), according to commission member Michael Vassiliadis, forming part of a EUR200 billion package from the German government to help consumers and industry deal with soaring gas prices.


Andrea Thomas contributed to this article.


Write to Ed Frankl at and Pierre Bertrand at


(END) Dow Jones Newswires

October 10, 2022 10:50 ET (14:50 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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