Munich (dpa / lby) - According to a company survey, the exorbitant rise in energy prices is undermining the foundations of Bavaria as an industrial location. Almost two-thirds of over 500 industrial companies surveyed fear the loss of their competitiveness because of energy costs, as reported by the Bavarian Chamber of Industry and Commerce (BIHK) on Thursday. More than a fifth want to relocate production abroad, or have already done so.
"These numbers are absolutely alarming," said BIHK Managing Director Manfred Gößl, according to the announcement. "The high energy prices, for oil and natural gas as well as for electricity, and the lack of security of supply are a massive threat to Bavaria as an industrial location."
According to the BIHK survey, three quarters of Bavarian companies are not prepared for a possible gas supply failure. According to this, many companies still have to procure significant quantities of gas for the second half of the year, and only half of the industrial companies have already concluded supply contracts for the rest of the year.
