WienEnergie (2 million customers) close to crack asks for help from the Austrian government. It will not be the only energy to jump
Yesterday an emergency meeting of the Austrian government was held to deal with the crisis involving the entire energy system, but interest has come to focus on a company, WienEnergie. This energy supplier, which proclaims itself as “Solid”, has asked for almost two billion euros (1.77, to be precise), in order to continue to operate on the markets and therefore to be able to guarantee energy continuity.
Aufgrund aktueller Medienberichte:
Nein, Wien Energie ist nicht insolvent / pleite.
Um Versorgung der Kund * innen sicherzustellen, führt Wien Energie Handelsgeschäfte an Energiebörsen durch. Dabei muss das Unternehmen – wie alle Börsenteilnehmer – Sicherheitsleistungen hinterlegen.– Wien Energie (@WienEnergie) August 28, 2022
The company claims to be money to, but if it needs money, and a lot, from the Austrian government to be able to continue to operate on the markets and procure energy for its Austrian customers continuously, which means that the resources are not has and that therefore, if not bankruptcy, the interruption of the service is close.
The Austrian government will certainly grant, if it has not already granted, the guarantees necessary to access credit, but this does not solve the problem. Currently the company is offering one-year contracts with a fixed price and a loyalty bonus of 20 days of free energy, but, evidently, at this stage a fixed price can hardly be met by a company that has to procure energy on the market.
This case in fact reveals a great weakness of all the reforms "For the free market" wanted by Europe in the last 20 years: they have completely disconnected the supply from energy production. It has been assumed too much that those who sold energy could still, not somehow, recover it on the market at affordable prices. It was assumed that there would always be an abundance and security of supplies. The moment this failed, or was less secure, the whole system went haywire. If the seller of electricity is not a producer, or produces an insufficient quantity of it, in shortage on the market he will find himself transmitting prices multiplied upwards to consumers, or jumping completely. A distortion that will have to be patched up in the future, ensuring that those who sell electricity are also able to produce it.
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The article WienEnergie (2 million customers) close to crack asks for help from the Austrian government. It will not be the only energy to jump comes from ScenariEconomici.it .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/wienenergie-2-milioni-di-clienti-vicina-al-crack-chiede-aiuto-al-governo-austriaco-non-sara-lunica-energetica-a-saltare/ on Mon, 29 Aug 2022 06:00:28 +0000.