Germany's Energy Demand Plunges Amid High Oil Prices

Germany's energy demand has taken a hit due to surging 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 nearly 6%, while gasoline consumption decreased by a more modest 0.6%. Jet fuel consumption fell by 1%, and light heating oil consumption plummeted by over 30%.

Notably, coal consumption rose by 7% in the period, despite Germany's efforts to reduce its reliance on the cheapest hydrocarbon fuel. Natural gas consumption also increased, by 1.3%. Hydrocarbons accounted for 75.9% of the country's energy consumption during this time.

On a more positive note, wind and solar generation saw growth in the period, with wind power being the main contributor to this increase. Together, wind and solar accounted for 22.2% of overall energy consumption, up from 20.9% a year earlier.