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RWE CEO: German energy prices to remain high despite state intervention

Statement by German Economy Minister and RWE CEO on energy supply

FRANKFURT (Reuters) - The chief executive of RWE, Germany's top power producer, warned that gas and electricity prices in the country would remain at least twice as high as they were before the energy crisis despite government countermeasures.

Speaking to newspaper Westdeutschen Allgemeine Zeitung, CEO Markus Krebber said that legislation due to take effect next year to fight soaring energy costs would not prevent the doubling of prices caused by the fallout from Russia's attack on Ukraine.

Germany's lower house of parliament this month passed legislation worth an estimated 100 billion euros ($107 billion)to cap electricity and gas prices for households and industry from January.

Krebber added his price prediction was contingent on a 20% reduction in energy consumption, which would be "real challenge" for many households.

($1 = 0.9371 euros)

(Reporting by Ludwig Burger; Editing by David Gregorio)