FRANKFURT, Jan 30 Reuters German industry is set to pay about 40 more for energy in 2023 than in 2021, before the energy crisis triggered by Russia39;s invasion of Ukraine, a study by Allianz Trade said on Monday, citing contract expiries and delayed wholesale pricing effects.

The large energyprice shock still lies ahead for European corporates, said Allianz Trade, the credit insurer that changed its name from Euler Hermes last year.

In 2022, higher corporate utility bills were contained as long passthrough times from wholesale markets and government interventions mitigated the immediate hit from surging prices as Russia curbed fuel exports to the West.

The price increases will hit corporate profits across Europe by 11.5 and lead to lower investment, which in Germany39;s case would amount to 25 billion euros 27 billion, Allianz Trade estimated.

German companies39; finances are robust, however, and a stateimposed gas price cap would help, it added.

Fears the crisis could lead to deindustrialisation and a loss of competitiveness against the United States were overdone, because labour costs and exchange rates have a bigger impact on manufacturing than energy prices, the study said.

Also, while exporters were losing market shares in areas such as agrifood, machinery, electrical equipment, metals and transport, the relative beneficiaries tended to be Asian, Middle Eastern and African, not American, it added.

The German government39;s oneoff payment to help private…