Wien Energie has repaid three quarters of the city’s credit line. Alderman Peter Hanke (SPÖ) announced this on Monday. However, the loan agreement with the company has yet to be amended.
Specifically, 1.05 billion euros of the 1.4 billion euros was repaid to the city of Vienna. City councilor Peter Hanke (SPÖ) of Finance spoke on Monday about a “current calming of the market”.
New contract to follow
As a result, the city can now adjust the credit conditions in its favor, it says in a broadcast. Until now, this would have had disadvantages as a donor. Going forward, all of the company’s financing partners should be given equal priority when repaying loans. The new contract is expected to be approved by the Vienna City Council in November.
As a result of the price increase, Wien Energie had to deposit high deposits for the trade in electricity and gas and could no longer finance these itself from the summer. The city stepped in in July. Mayor Michael Ludwig (SPÖ) had made 1.4 billion euros available to the company as of July.
This bottleneck and the emergency loans came out at the end of August, when that 1.4 billion euros also ran out. The federal government therefore granted another two billion euros, which the energy company has not yet used.
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.
