The European Commission has approved state aid from Austria amounting to EUR 100 million. It is the first measure to reduce peak electricity consumption approved under the state aid framework in crisis situations.
In December, the National Council approved a law for voluntary reduction of electricity consumption, aimed at large consumers such as industrial companies, and made 100 million euros available for this purpose.
Shift power consumption
The aid is intended to shift electricity consumption to hours when there is little demand. This should keep prices low. The aim is to reduce consumption by at least five percent on average between 8 a.m. and noon and between 5 p.m. and 7 p.m. The reason for this is that during these hours a lot of natural gas has to be burned in the power stations to meet the demand.
In addition, as a result of the energy crisis, private households are also obliged to shift electricity consumption to times when the majority of electricity demand can be covered by renewable energy sources.
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.
