Austria looking at measures to address utilities' gas price windfall

Austria is looking to address the fact that even utilities that generate much of their electricity from renewables are profiting from surging gas prices that are coupled to power prices, the Finance Ministry said in a statement on Friday.

Austria is looking to address the fact that even utilities that generate much of their electricity from renewables are profiting from surging gas prices that are coupled to power prices, the Finance Ministry said in a statement on Friday. "This unusual situation is particularly difficult to comprehend in the case of energy companies that the state holds stakes in," the ministry said, echoing comments by Chancellor Karl Nehammer in a newspaper interview that sent shares of state-owned utility Verbund sliding on Thursday.

Austria also owns 31.5% of energy company OMV. At Nehammer's request the ministry is examining "various suggestions and models" to help ease the current crisis, the ministry said, adding: "The state should not profit from the current crisis while people are suffering from sharply rising electricity prices."

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