More and more authorities are criticizing the fact that the announced brake on the electricity price is being financed purely from taxpayers’ money, while a large domestic energy company is making huge surplus profits. Now the former head of Verbund, Wolfgang Anzengruber, is tackling the issue: he is demanding a levy on high profits from energy companies – this could be used to fund the measure.
“It is legitimate to demand certain participation in the industry for a limited period of time,” Anzengruber, who was recently called to the advisory board of Federal President Alexander Van der Bellen, said in an interview with “Trend”. He also has a concrete proposal.
“It needs an intelligent solution”
“Renewable energy producers, including hydropower, which have very low variable costs, benefit disproportionately from the high electricity prices caused by the gas price,” says Anzengruber. The dividend route “often has the disadvantage of privatizing income while socializing costs at the same time. But an intelligent solution is needed.” In principle, however, it is not about excess profits, but arbitrary profits due to market disturbances, according to the expert.
Large special dividends from electricity suppliers
The association will pay a politically encouraged special dividend this year. There is a total of 1.2 billion euros in dividend. This includes a special dividend of EUR 400 million. For example, approximately 600 million euros will be paid out to the federal state of Austria as co-owner. The Tyrolean Tiwag also makes a special dividend this year, which is based on the Verbund model.
Meager profit would be “reasonable”
From Anzengruber’s point of view, a solution could look like this: “The full cost of renewable energy is between 70 and 80 euros per kilowatt hour (kWh). For example, a model could be to levy 30 to 40 percent on market returns above EUR 100. The companies would remain profitable and could also invest.”
The expansion of renewable energy sources has been financed with significant amounts for decades. “It would be fair that some of the current opportunity profits would be given to the public sector.”
A European solution would be the best
Such a tax should in no case only affect the association, according to her ex-boss in “trend”. “It should, of course, apply to everyone, not just one specific company, and be designed in such a way that it doesn’t lead to nationalization through the back door.”
A statutory levy would in any case have the advantage that management boards of energy companies do not get a question of disloyalty. From Anzengruber’s point of view, it would be most sensible to create a European harmony.
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.
