Innsbruck (OTS) – Exploding energy prices have driven inflation to skyrocketing heights, especially in Austria. That’s why electricity companies have a greater responsibility than others to put their cards on the table.
The war in Ukraine has also brought the dark side of the energy market to light and revealed strange connections for everyone to see. Gas prices have exploded, and with them electricity prices. This not only opened the eyes of the inexperienced electricity customer in Tyrol, who thought they were on the safe, independent and cheap side with the large amount of hydroelectric power in the country. Green is intended for water-electricity versus coal, gas and nuclear. However, this does not mean that you are independent for a long time, also because hydroelectric power plants run in economy mode, especially in winter. And the whole thing is perhaps lucrative for the manufacturer, but not necessarily for the customer, as many Austrians were able to see using the Verbund example. The partially state-owned power company, which is also not exactly blessed with cheap hydroelectric power, tightened the price screw in the previous year with reference to the rise in stock market prices, which brought it a whopping billion in profits. The Commercial Court of Vienna was uncomfortable with this practice, because anyone who produces a lot of electricity themselves, for example from cheap hydropower, cannot easily justify price increases with the (high) exchange prices.
The verdict also sent shock waves to Tyrol. The large Tyrolean energy suppliers Tiwag and IKB now have to turn their pricing policy upside down once more. And here, too, the bitter fight for every penny is likely to end up in court. The Tyrolean Chamber of Labor has already announced lawsuits once morest the Tyrolean state energy supplier and its Innsbruck subsidiary. Hall AG is also to be taken to court, and consumer advocates are also targeting Wörgl and the Hopfgarten municipal works in East Tyrol. Perhaps others might follow as well.
The magic word in all these cases is transparency. How does the electricity price come regarding, is it justified or is the moment being used? No company likes to give insight into its own pricing, but the electricity market is regarding much more. The exploding energy prices have driven inflation to record highs, especially in Austria. Hardly anywhere else in Europe has life become so much more expensive than in the Alpine republic, where inflation is currently more than 9 percent. Daily shopping even costs 16.8 percent more than a year ago. A quick end is not yet in sight. These are also consequences of the increased energy prices, which are now being heavily criticized. That is why electricity producers are more responsible than others for disclosing their calculations.
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