Electricity price situation must be solved at European level – further development of merit order is only answer to growing prices
Vienna (OTS) – In view of the dramatic situation for people and companies on the energy markets, Chancellor Karl Nehammer’s call for an electricity price cap at European level is to be welcomed: “European challenges need European answers. National solo efforts in the field of electricity supply only weaken individual states and serve to combat the symptoms, while the root of the problem remains untouched, this helps no one,” said the President of the Federation of Austrian Industries (IV), Georg Knill.
“Due to the merit order – the model for electricity price determination – the exploding gas prices lead to downright absurd electricity prices, which are no longer sustainable for the industry,” says Knill and further says: “Therefore, we join the demand to reform the electricity market design so that such price spikes do not occur in order to get the general cost situation under control. However, it is clear that until a European solution is found, relief for domestic companies will be needed. If the situation remains unchanged or continues to deteriorate, there is a threat of production cutbacks and unemployment.”
Federation of Austrian Industry
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