Four days after the financial problems of the energy company Wien Energie became known, experts are still trying to shed light on the background of the events. E-Control boss Wolfgang Urbantschitsch is now pushing for some sort of stress test for energy companies so that they can react in a timely manner to upcoming problems.
“If you enter into such transactions, you would expect them to be adjusted,” the energy expert analyzed the business model of Wien Energie on ORF “ZiB 2” on Thursday. Due to the enormous increase in energy prices, the company recently had to deposit huge amounts as security for the energy exchange.
Wien Energie could have responded earlier
In particular, the huge price increase last Friday was the last straw. According to Urbantschitsch, people could have reacted in advance, other market parties would have done the same to minimize their risk. For example, it would have been possible to partially withdraw from stock exchange trading, Urbantschitsch said.
Without credit, a blackout would have threatened
However, the expert also emphasizes the need for the state and the city to secure the company’s liquidity with loans. If this security had not been provided, Wien Energie would have been excluded from stock exchange trading – which could have directly led to supply bottlenecks for some two million customers.
According to Urbantschitsch, there are currently no further indications of financial problems at other domestic energy companies. Still, he advocates subjecting them to a stress test – similar to the banking industry. In case of problems, you can react in time and take precautions.
Will the EU summit bring the long-awaited easing?
In the meantime, the electricity price has already fallen considerably – but still at a very high level. Urbantschitsch now has hopes for the EU summit on 9 September in Brussels, when EU energy ministers discuss a possible intervention in the energy market: “I am confident that a solution will be found here that will actually have a price-lowering effect. have an effect,” the expert said optimistically.
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.
