Amendments for improved efficiency in the electricity industry

5/29/2006Wien

VERBUND, Austria’s leading electricity company welcomes the latest resolutions adopted by the National Council relating to important law amendments that will help to make Austria’s electricity industry more efficient. VERBUND’s General Director Hans Haider: “On the one hand, we can now act more effectively to prevent impending blackouts, and on the other, it will make constructing medium-scale hydroelectric power plants in Austria economically attractive again.“

The supply security package, consisting of several amendments to various laws such as the EIWOG (the Electricity and Organisation Act) or the Energielenkungsgesetz (Energy Steering Act), will give electricity grid operators - first and foremost VERBUND subsidiary APG - access to power plant operation in the event of impending blackouts. For such cases, clear regulations are in place ensuring power plant operators fair compensation.

With the Green Electricity Act amendment, medium-scale hydroelectric power plants will, in future, also become eligible for promotion. This will clearly raise the chances that such projects pay off.

“Vital framework conditions for a more efficient domestic electricity industry have been created”, said VERBUND head Haider. “Right now the idea is to allow electricity companies to build, too. Here at VERBUND we want to invest 2 billion euros over the years to come in projects including the 380 kV Austria Ring. This is why we urgently appeal to the responsible policymakers to finally give us the go-ahead for the Styria and Salzburg line.”