The umbrella organization for renewable energy in Austria (EEÖ) warns with a “package leaflet” against a weakening of the renewable energy sector — fossil energy producers are preferred

Vienna (OTS) – The umbrella organization for renewable energy in Austria (EEÖ) warns of the undesirable side effects of the so-called “excess profit tax” for electricity producers. It is right to relieve the energy consumers. “However, we must be aware that the only effective measure to ensure affordable and stable energy prices is to convert our energy system. We need a lot more renewable energy quickly!” says Martina Prechtl-Grundnig, Managing Director of the EEÖ. However, the draft law now has some shortcomings and thus risks and side effects, the EEÖ warns in a current statement as a “package insert”.

On the one hand, the fossil energy industry is again preferred: While OMV and Co. only have to pay part of the expected draft above the average profit, the turnover is used as the basis for calculation when generating electricity from sun, wind and water. “That makes no business sense, because sales say nothing about the size of a company’s profits,” criticizes Prechtl-Grundnig.

Higher financing costs could make green electricity more expensive

The renewable energy experts expect poorer conditions for risk assessment and financing costs due to the massive interventions in the market, for example through interventions in existing purchase agreements. That will make green electricity more expensive and reduce the willingness to invest. In addition, the eligibility of investments in renewable generation plants as a deduction is too narrow. In view of the lead time, hardly any new projects can be started in this way. Also, eligibility WILL only be practical if they include investments within a group of companies under unified management.

The regulation can also be expensive for industrial companies that have invested in renewable power generation systems to secure their energy prices. According to the draft, they have to pay a fee for income that they have not achieved at all.

“The industry is ready to play its part in this crisis. However, the current draft for the levy entails high risks and side effects for renewable energy producers of all things and can therefore still be significantly improved. This slows down the conversion of our energy supply. We should invest in the expansion of renewables right now“, says Prechtl-Grundnig.

Questions & contact:

Renewable Energy Austria
Judith Brockman
+43 664 3436129
judith.brockmann@renewable-energy.at
www.erneuerbare-energie.at