According to a German government document published on Thursday, nuclear power plants in southern Germany will be allowed to run until spring 2023, as reported by Reuters.

The government will also implement an emergency price brake on gas and electricity while providing funding of up to €200 billion for an "economic defence shield."

Commenting on government measures, "the energy crisis threatens to grow into a social and economic crisis," German Economy Minister Robert Habeck said. 

"Gas consumption has to come down," Habeck added and said that Germany is still in a critical situation.

Market reaction

Germany's DAX 30 showed no reaction to these announcements and it was last seen losing 1.35% on a daily basis.