Verbund Sees EUR1.8 Billion Hit From Austrian Energy Law
21 Dezembro 2022 - 12:31PM
Dow Jones News
By Christian Moess Laursen
Verbund AG on Wednesday set out the expected hit to earnings
from a new Austrian law capping energy prices as well as measures
passed in other European countries.
The utility expects a negative impact of 1.8 billion euros
($1.91 billion) to its earnings before taxes, interest,
depreciation and amortization due to the Austrian law, which places
a levy on revenue gained above a certain price cap.
Verbund is also affected by a similar cap in Germany, from which
it will suffer a further earnings loss of EUR300 million, it said.
Market interventions in Spain and Romania will also affect the
company.
The expected earnings hit is based on current market data and
figures, and could differ according to further developments,
Verbund said.
The Austrian law levies 90% of all revenue above EUR140 per
megawatt-hour achieved between Dec. 1, 2022 and Dec. 31, 2023,
Verbund said. The limit can however be raised to EUR176 per
megawatt-hour if companies invest sufficiently in renewable energy
or energy efficiency.
Write to Christian Moess Laursen at christian.moess@wsj.com
(END) Dow Jones Newswires
December 21, 2022 10:16 ET (15:16 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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