Germany's Energy Demand Plummets Amid High Oil Prices

Germany's energy demand has taken a hit due to high oil and gas prices. According to preliminary data from the Working Group on Energy Balances (AGEB), energy consumption in the country fell by 1.9% over the first half of the year.

The decline was particularly pronounced in diesel consumption, which dropped by close to 6%, while gasoline consumption fell by a more moderate 0.6%. Jet fuel consumption also decreased, down by 1%, and light heating oil consumption plummeted by over 30%.

Coal consumption, however, rose by a significant 7%, as Germany continues its efforts to reduce its reliance on the cheapest hydrocarbon fuel. Natural gas consumption also increased, up by 1.3%. Hydrocarbons accounted for 75.9% of the country's energy consumption over the first half of the year.

In contrast, wind and solar generation saw growth in the period, thanks to a boost in wind power. Wind and solar accounted for 22.2% of overall energy consumption, up from 20.9% a year earlier.