“We don’t need a crystal ball to see a further weakening of German industry in the coming months. The full impact of higher energy prices will only be felt in the last months of the year,” he said. Energy prices started rising last fall, and then shot even higher when Russia invaded Ukraine in late February, sparking an energy standoff between Europe and Moscow. Energy costs at Prysmian’s six German factories are expected to soar to €20 million ($20 million) this year from just €5 million ($5 million) in 2021. “German industry, the so-called ‘Mittlestand’, the small and medium [sized] companies, are quite resilient and adaptable,” he said.

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