The auditor notes that there has been no “speculation” at Wien Energie and that no money has been lost. However, they want to stick with futures trades because they “there is no alternative”.
When it comes to crisis communication, there is “room for improvement”, admits Alderman Peter Hanke (SPÖ), representative of the owner of Wien Energie. But otherwise he and the chairman of the supervisory board, Peter Weinelt, are on the same page: there was no “speculation”, which is also confirmed by an initial interim report from the accountants.
“You can’t count on such a result”
The risk management in the group worked. One cannot count on such fluctuations in the market as on that “Black Friday”, it was “like the impact of a meteorite” (Hanke).
Weinelt wants to stick to the business model and says there is “no alternative”. Just wait for the auditors’ final report to close new futures deals. These are necessary to guarantee security of supply. Because Wien Energie is different: district heating generates electricity in the winter that is sold as surplus.
“The market is like a roller coaster”
In summer, on the other hand, you have to buy more. This is guaranteed by long-term futures contracts. You have to back this up with liquidity, but that is less risky than the alternatives. The money from the federal government has not been needed so far. But the market is currently “like a roller coaster”.
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.
