Austria partially caps the price of electricity for households

The Austrian government has set aside 2.5 billion euros (61.46 billion CZK) for the measure, and it is to be formally announced on Wednesday.

This step should bring annual savings of an average of 500 euros (12,300 CZK) to each household, Der Standard reported on Sunday, citing unnamed sources from the Ministry of Finance and Energy. The government is still working on aid for businesses.

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The price of electricity on wholesale markets in Europe has risen significantly in recent weeks. Two weeks ago, it even crossed the threshold of one thousand euros (24,600 CZK) per megawatt hour (MWh. Last week, it dropped by almost half. However, this is still a significantly higher price than a year ago, when electricity was still around 90 euros (2,200 CZK) per MWh.

The main reason for the large increase in the price of electricity is that its price is tied to the price of natural gas, which has also become significantly more expensive. But more factors are playing a role, such as the 32 shut down nuclear reactors in France, which is usually among electricity exporters. However, now it has to import electricity itself.

The article is in Czech

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