"Energy is Power": Energy-AG Chief "Energy Policy" Armament

The attack on "our democratic political order" is also carried out through an attack on "our economic system," Schitter said on Tuesday in Vienna. "And we must prepare for that." Schitter calls on the government to establish a "state-managed infrastructure fund."

The energy industry itself is fundamentally "well-positioned," Schitter said at the Economic Journalists' Club. "But the projects of the energy transition require a lot of money, which an energy company cannot sustain permanently," he added. In his view, private investors would contribute to a "state-managed infrastructure fund," with the state then providing guarantees and warranties. This would cover about one-third of a company's potential investments. However, the legal framework conditions still need to be clarified, Schitter explained.

With the goal of climate neutrality and energy independence by 2035, Energie AG OÖ plans to invest a total of four billion euros, two of which will go into network expansion. One-third for network expansion could, for example, come from this fund, Schitter said. "Every company invests every euro in the expansion of renewable energies," but also in the location of Austria, he further emphasized. Schitter could not yet say how much money would flow into such a fund in total.

Advocacy for Renewable Energies

Schitter once again insisted on a rapid expansion of renewable energies. The dependence on Russian gas for Austria was a "strategic mistake," emphasized the Energie AG CEO. "Energy is power. Those who become dependent make themselves vulnerable to blackmail." For independence and security of supply, "a lot of money must now be spent" on the expansion of renewable energies, but in the end, they would cost less.

According to Schitter, electricity consumption will double by 2040 due to electromobility and digitalization, among other factors. Energie AG is taking appropriate measures and aims to significantly increase electricity generation from 3.2 to 4.4 terawatt hours by 2035. This is to be achieved through the expansion of photovoltaics, wind power, hydropower, and a green hydrogen network in Upper Austria.

More Self-Confidence

Schitter calls for more self-confidence from Europe and Austria. "We must finally rely on our own economic and technological strength," he demanded. This requires "sustainable and resilient production capacities" as well as a diversification of supply chains. In Austria, approval procedures must also be accelerated, the amendment of the Electricity Industry Act implemented, and bureaucracy reduced, Schitter said towards politics. In the medium term, he calls for new financing models, the anchoring of supply security as part of the security strategy, and further harmonization of the EU internal market for electricity.

Energie AG Sees Itself Well Prepared for Blackout

In light of the recent blackout in parts of Spain and Portugal, Schitter stated: "I do not see such a danger for Austria. Of course, nothing can be ruled out, but we see ourselves well prepared to bring Austria back online in a short time." The domestic networks are "excellent" in terms of expansion, Schitter added.

(APA/Red)

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