Article Abstract:
The new Austrian energy law, which has been passed in the Austrian parliament, will lead to a liberalisation of the market and thus cause pressure on electricity prices. Therefore Verbundgesellschaft is looking for additional cost-cutting measures. Firstly, the planned 1,000 job cuts must be completed sooner than in 2003, and possibly more people will have to be made redundant. Secondly, the five separate firms are to be merged into one, which would result in substantial savings on administration costs. Negotiations are under way to sell the building of the Verbund headquarters in Vienna and thus obtain an undisclosed amount of cash. Thirdly, Verbund is holding cooperation talks with EVN and Wienstrom. Also other approaches are being prepared, in case this preferred solution will not come true.
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Austria: New Austrian energy law will lead to a liberalisation of the market and thus cause pressure on electricity prices
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Article Abstract:
From 1 October 2001 also private households in Austria will be free to choose their electricity suppliers. Economics minister Martin Bartenstein estimates that the households' annual electricity bills will fall by a total of about Sch 13bn. The saving per household will be about Sch 1,000 per year. In a study, A.T. Kearney estimate that 15% of Austrian households and 25% of small businesses will change their electricity suppliers.
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Article Abstract:
APT Power Trading GmbH, subsidiary of the Austrian power company Verbund, has started trading on the largest European electricity exchange, the Nord Pool in Scandinavia.
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