Quick adoption of amendment of the Green Electricity Act

8/3/2004Wien

Proposal by Federal Minister Bartenstein will bring legal security to eco-power development both for those managing and those receiving development funds. VERBUND welcomes the amendment of the Green Electricity Act presented by the Federal Minister for Economic Affairs.

The legal uncertainties caused by the prevailing Green Electricity Act became clearly evident already at the turn of the year 2003/2004, when no agreement on the amount of the additional charge on eco-power for this year was reached. According to law VERBUND-Austrian Power Grid AG (APG) - due to its unlimited obligation to buy and pay remuneration - would have been obligated to finance from its own resources the gap that arose. On the basis of the corporation law APG, as subsidiary of the listed company VERBUND, had to strictly reject this to protect the assets of the shareholders. That is why APG already contested the prevailing Green Electricity Act before the Constitutional Court.

“The amendment, presented by Federal Minister Bartenstein and supported by the trade and industry and the labour side, will eliminate all these legal problems and uncertainties. From the standpoint of VERBUND, the critical comments against the amendment brought forward especially by eco-power producers are not acceptable, therefore” “, says CEO Hans Haider. Secured legal conditions mean above all security in planning for producers and investors in the area of green electricity production. The relevant provisions should, therefore, be adopted by the National Assembly as soon as possible to ensure security of development.