The SPÖ advocates the establishment of an energy transition fund worth around 20 billion euros. This must participate in companies that are important for the energy transition. Investments will also be made in research and a system for recycling raw materials. The whole is part of a five-point plan for a ‘new industrial policy’ that SPÖ chairwoman Pamela Rendi-Wagner presented on Monday with former industrial manager and former SPÖ secretary of state Brigitte Ederer.
The state holding company ÖBAG should manage the fund and get its own advisory board. The pot of money should be partly fed by an excess profit tax for energy and mineral oil companies. The social democrats demand that half of such a levy go to the energy transition fund.
The funds should be used where private sector investment is lacking. As an example, the SPÖ leader mentioned temporary liquefied gas terminals: these are needed in the short term for gas supply, but the investment would hardly be worth it for private companies. Another goal of the fund should be to build up a reserve of critical raw materials for the energy transition, such as lithium and rare earth metals. A raw material recycling system should also be set up for this purpose.
Many already known SPÖ requirements
The SPÖ’s other industrial policy plans also contain many well-known social-democratic demands. The state must maintain control over services of general interest (water supply, waste disposal, public transport, etc.). Critical infrastructure such as the electricity grid must remain in Austrian hands and important production capacities must be built up – the SPÖ cites pharmaceuticals as an example.
The aim of the five-point plan is to accelerate the energy transition and maintain the competitiveness of the domestic industry. In the short term, this should also be done with a gas price cap, especially to avoid disadvantages compared to German competitors if a gas price brake comes into force in Germany in March. In order to bridge the time until the gas price ceiling it has demanded, the SPÖ wants to suspend all gas bills – for households and industry – in December.
End of merit order principle required
In addition, there are calls for the abolition of the merit order principle for electricity prices at European level. As possible alternatives, SPÖ leader Rendi-Wagner referred to the so-called Iberian model (gas for electricity production is subsidized), the Swiss model (separate markets for large and small consumers) or a separate market only for renewable energy sources.
As a final point, the SPÖ calls for more government investment in education and training and the expansion of childcare places.
Source: Krone
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