Wien Energie published an update on the repayment of the loan a day before the municipality’s investigative committee started. Of the city’s credit line – a total of 1.4 billion euros was made available – 1.25 billion was repaid. The federal funding framework has not been attacked to date, it said Thursday. This amounts to two billion euros.
According to Wien Energie, the deposits that Wien Energie has to deposit for the sale of electricity in the form of forward transactions on the power exchange have currently stabilized and amounted to EUR 962 million on the reporting date of 29 November. “This amount can be covered by the company’s own credit lines and the Wiener Stadtwerke cash pool,” the company said.
Like other providers in Europe, Wien Energie had to provide high deposits for the trade in electricity and gas as a result of the price jumps and was no longer able to finance these from its own resources from the summer. Mayor Michael Ludwig (SPÖ) therefore intervened with emergency powers from July. At the end of August, the federal government stepped into the game.
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.
