German minister says power price relief unlikely before 2030s

German Economy Minister Katherina Reiche expects electricity prices to fall over the medium term, although she said consumers are unlikely to see significant relief for years.

Asked whether households could expect lower electricity bills, Reiche told dpa: "In the medium term, but not in the short term."

"We won't see noticeable relief until the 2030s," she said.

Reiche also rejected criticism that the government's planned overhaul of Germany's renewable energy support scheme would slow the country's transition to clean energy, saying the aim was to make the shift more cost-efficient.

The German Cabinet has launched a reform of the country's Renewable Energy Act, known as the EEG, along with a package of measures for the electricity grid.

"The federal government currently spends €17 billion [$19.6 billion] on EEG support, and the figure is rising," Reiche told dpa.

Without reforms, the burden on the federal budget would continue to grow, she said.

"My goal is more market and less permanent subsidization."

Reiche said she took criticism from the renewable energy industry seriously but argued the reforms would continue to provide ample investment opportunities and a reliable framework for investors.