For the first time since the financial difficulties of the energy supplier Wien Energie became known, the head of the company, Michael Strebl, took the floor. He defended the proceedings in the presence of journalists on Thursday. “We are active at the fair to ensure supplies to our customers,” Strebl told journalists in Vienna. There were no speculative transactions and crisis management did not fail. In fact, Wien Energie was “hit by a tsunami wave”.
Strebl, who spoke publicly about the events for the first time, emphasized that no one could have foreseen that such high bails would be needed in the short term. This can be attributed to the sudden surge in electricity prices, which doubled out of the blue from last Thursday to Friday.
This created the “horror value” of 1.75 billion euros in short-term liquidity needs. “I’ve been in the energy sector for 28 years, I’ve never experienced anything like this.”
Usual operations, no casualties
However, one cannot speak of losses, according to Strebl. These are normal processes, “these are deposits we get back”. Distress was only due to the sheer size of the security services to be served on this “Black Friday”.
degree “not to be expected”.
It is true that severe turbulence in the markets had already become apparent in the course of the war in Ukraine. As a result, it was also clear “that deposits would increase,” the board admitted.
In this dimension, however, this was not to be expected, not even from the crisis management side, which assessed the situation and conducted several stress tests. In addition, speculative transactions are strictly prohibited at Wien Energie.
Customer service in the foreground
When asked why the state and not the banks ultimately met liquidity requirements, the Wien Energie boss referred to the “incredibly short-term nature” of the events. The primary objective in this situation was to maintain the supply of customers.
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.
