A price change clause with which the association increased the price in May 2022 is inadmissible. This decision of the Vienna Commercial Court has now been confirmed by the Vienna Higher Regional Court (OLG). Due to the inadmissibility of the clause, the legal basis for the increased rates charged no longer applies. According to the Consumer Information Association (VKI), the associated increase amounts must be repaid. The verdict is not yet legally binding.
“In May 2022, approximately 400,000 electricity customers of Verbund AG were informed about price increases,” Consumer Protection Minister Johannes Rauch (Greens) said in a statement. “Affected consumers have rightly complained, even though VERBUND AG advertises ‘electricity from 100% Austrian hydropower’ and the company actually generates large amounts of electricity from hydropower itself, but makes its prices dependent on a stock market index.” That does not matter.
Rauch expects a refund
“The judgment now imposed by the Higher Regional Court at second instance is a victory for consumer protection. Once the ruling is final, I expect the association to reimburse consumers,” Rauch said.
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.
