Austria's Bold Move to Slash Electricity Bills

The Austrian government, led by Chancellor Christian Stocker, announces a plan to allocate 500 million euros towards reducing public electricity bills. The funds will be sourced from state-held company stakes, including those in OMV and Verbund, ensuring a budget-neutral approach.

Austria's government has announced a sweeping initiative to cut electricity bills by utilizing 500 million euros from state-owned company shares. Chancellor Christian Stocker confirmed the plan at a press conference on Wednesday.

The move aims to relieve financial pressure on the public, with funds expected to come from stakes in major companies, including oil firm OMV and utility giant Verbund.

Stocker assured that the allocation would be budget neutral, although details on the specific implementation strategy remain undisclosed.

(With inputs from agencies.)