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View of Vienna: Large parts of the Austrian capital are supplied by Wien Energie
Photo: Volker Preusser / IMAGO
The local public prosecutor's office for economic affairs and corruption (WKStA) has started investigations in connection with the turbulence at the regional energy supplier Wien Energie.
An investigation is being carried out against unknown perpetrators on suspicion of grossly negligent impairment of creditors' interests, said a spokeswoman for the authority.
A company spokesman said that Wien Energie had already been informed of the preliminary investigation initiated by the WKStA.
“Of course we are fully cooperating with the authorities.” The “Kronen Zeitung” and the agency APA had previously reported on the investigation.
Wien Energie, which supplies most of Vienna with electricity, got into financial difficulties at the end of August due to price increases on the gas and electricity markets.
The federal government had to give the supplier a short-term loan of over two billion euros.
This was justified with the hedging of energy purchases on the exchange.
The loan has not yet had to be called, but it is considered security for renewed turbulence on the markets.
In some cases, the final financial requirement was estimated at up to ten billion euros.
It is not yet fully clear how the emergency came about.
Wien Energie is said to have miscalculated in so-called futures transactions on the electricity exchange.
Wien Energie and its owner, the City of Vienna, reject misconduct and speculative transactions.
The case also threatens the position of Vienna Mayor Michael Ludwig (SPÖ).
He single-handedly approved the first billion injections and is said to have only insufficiently informed his coalition partners from the liberal Neos.
dab/Reuters
