The Strategist

German energy company Neckermann Strom declares bankruptcy amid rising energy prices

12/21/2021 - 07:57

German electricity company Neckermann Strom AG, which provides services to some 13,000 customers nationwide, has filed for bankruptcy amid rising energy prices, Wirtschafts Woche reports.

The company was founded in 2013 and has positioned itself as a clean energy supplier.

Europe has been experiencing an energy crisis in recent months. A tangible increase in gas prices in the region began in April and May, when the average spot price for TTF ranged between $250 and $300 per thousand cubic meters. 

In the last days of summer, the day-ahead contract price exceeded USD 600 and already at the beginning of October it passed the USD 1,000 threshold.