Finance Minister Magnus Brunner (ÖVP) said in a press conference on Wednesday that the loan was linked to clear ties. The credit line will be granted until April 2023. Until then, the city of Vienna will be obliged to report to the federal government on ensuring the energy supply by Wien Energie. In addition, the federal government called for the situation to be clarified, specifically the transactions of Wien Energie and whether there had been adequate risk management. By April 2023, a representative of the federal government will be appointed to the supervisory board of Wien Energie.
Representatives of the City of Vienna were not present at the government press conference. At Vienna’s request, it was agreed in the contract that all trading transactions of Wien Energie will be disclosed from January 1st, 2020 until now, according to Vienna City Councilor for Finance Peter Hanke (SPÖ). The documents will be handed over by September 15th. “We take note of the Ministry of Finance’s request to appoint a representative to the supervisory board,” Hanke told APA. On Monday 1.75 billion euros were needed, yesterday they got back 800 million euros and today another 530 million euros.
The funds serve as security to be able to cover renewed extreme outliers on the electricity exchange. At the moment, however, it looks like it is not necessary to call up the funds from the protective shield, according to Hanke in a broadcast. Nevertheless, this could change very quickly due to the high volatility of the market. This shows how urgent it is that there is an Austria-wide solution, that it is important for all market participants in the e-commerce to put up this protective shield.
Source: Nachrichten
