State, City and Energy AG refrain from big money rain. Profits will no longer be abundant in years to come.
Salzburg AG was only able to announce a record profit of 60 million euros for 2021 at the end of March. Half of this went to the owners of the state, city and Oberösterreichische Energie AG. The record profits, just like the rain of money for the owners, will be over for the time being.
“We expect that this year and in 2023 we will no longer have the results we had last time,” Salzburg AG boss Leonhard Schitter announced. The owners want to waive the annual profit distribution for the time being.
Saving money enables the construction of power plants
For 2023, only the statutory minimum share of 35 percent of the profit will be paid out, governor and head of the supervisory board, Wilfried Haslauer, announced. “We are deliberately holding back to keep the electricity price bearable and to enable Salzburg AG to invest,” explains the state manager. The lighting for small and medium-sized companies with 100 days of free electricity, which is especially important for Haslauer, is fully financed by Salzburg AG.
In addition, the energy supplier invests heavily in the expansion of renewable energy sources. Two new hydroelectric power plants (Stegenwald and Sulzau) are being built for 80 million euros.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
