JOURNAL ARTICLE

Russia Helps Lift Austria to Ranks of Energy-Exporters.

  • Published In: Bloomberg.com, 2024. P. N.PAG 1 of 3

  • Database: Business Source Ultimate 2 of 3

  • Authored By: Tirone, Jonathan 3 of 3

Abstract

The article focuses on Austria's achievement of exporting more energy than it imported for the first time in two decades, driven by consistent natural gas supplies from Russia and reduced domestic power consumption. State-owned companies, particularly OMV AG and Verbund AG, benefited from this trend, with OMV confirming the fulfillment of gas delivery contracts with Gazprom and reporting significant profits. Meanwhile, Verbund, Austria's leading electricity provider, saw a decrease in electricity consumption but an increase in hydro-power generation, leading to a rise in electricity exports. Both companies are subject to windfall taxes, yet they continue to announce higher-than-expected dividends and profit forecasts. [Extracted from the article]

Additional Information

  • Source:Bloomberg.com. 2024/02, pN.PAG
  • Document Type:Article
  • Subject Area:Power and Energy
  • Publication Date:2024
  • Accession Number:175189232
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