Austria Unveils €500M Plan to Slash Electricity Bills

Austria plans to allocate 500 million euros to reduce electricity costs, sourced from state-held company stakes. Chancellor Christian Stocker announced the budget-neutral initiative but withheld specific funding details. The move aims to ease citizens' financial burdens without increasing the national deficit.

In a significant move to alleviate energy costs for citizens, Austria's government intends to invest approximately 500 million euros to cut electricity bills. Chancellor Christian Stocker announced this strategic plan, emphasizing its budget-neutral nature.

During a press conference shortly after returning from back surgery, Stocker faced inquiries about the funding sources. While Austria holds stakes in several prominent firms, including OMV, Verbund, and Austrian Post, Stocker was reticent to provide specific details.

Public holdings company OBAG, responsible for managing the state's largest stakes, opted not to comment on the recent development. Stocker reassured that the plan aims to maintain fiscal balance, reflecting the centrist coalition's commitment to deficit management.

(With inputs from agencies.)