Germany's Scholz Confident on Siemens Energy Deal, Gov't Agrees on Industry Support, Tax Subsidies; Strengthens Military Position in Europe, NATO Expects Progress in Ukraine

German Chancellor Olaf Scholz is confident that talks on a package aimed at shoring up Siemens Energy’s balance sheet will be concluded soon. The German government has reached an agreement on electricity price support for industry and tax subsidies worth up to €28 billion by 2028. Siemens Energy has secured a provisional deal for guarantees with the German government and its main shareholder. Germany is also strengthening its military position in Europe amidst growing security challenges, including deploying a long-term Bundeswehr brigade in Lithuania. Additionally, Germany is on the cusp of announcing a deal to buy its largest power grid from state-owned Dutch operator TenneT for just over €22 billion. The UK government is preparing to offer significantly higher subsidies for new offshore wind farms to get the country’s clean-power strategy back on track. NATO Secretary General Jens Stoltenberg expects the Ukrainian Armed Forces to make progress in their fight against Russian forces and urges preparation for a long journey in the war in Ukraine.