The news caught all the experts in the domestic energy market cold. For many, the approach of Wien Energie and the city of Vienna (it is 100 percent owner) is incomprehensible. One of them is the former head of Energy Control, Walter Boltz. “It is incomprehensible to me why the risk only became clear on Friday,” he emphasizes.
Boltz explains to the “Krone” that there are fixed formulas on the stock exchange according to which the collateral to be deposited can be calculated. A company such as Wien Energie has a so-called risk management system that makes such calculations and assessments. This department can also report directly to the Executive Board.
“This can happen in small businesses”
“If risk management had warned on August 2 that there would be problems with security services by the end of August, that would be understandable,” Boltz said. But to find out on Friday that the money is missing on Monday is unusual. “Something like this can happen in small companies where only the boss is responsible, but not at Wien Energie,” Boltz criticizes. In view of this, the suspicion arises that the energy supplier of the federal capital has speculated on the power exchange after all.
Another problem is the legal situation: because the federal government is not allowed to directly “help” Wien Energie with collateral. This would require permission from Brussels. In this regard, it is “strange that the City of Vienna, as the owner, was not present at the top in the chancery,” Boltz continued.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
