Strebl: “Record investment program for an affordable, independent and sustainable energy supply” – electricity and gas prices fall significantly in the summer
Vienna (OTS) – Wien Energie is planning the largest investment program in its company history: The company wants to invest around 2.6 billion euros in independent and climate-neutral energy supply by 2029. 351 million euros will also flow into relief measures for customers in 2024. “Wien Energie invests every euro in the best customer price, in independence from Russian natural gas and in renewable energies. This is the only way we can ensure that our customers’ lights stay on and their homes are warm in a safe, affordable and sustainable manner in the future.”explains Michael Strebl, Chairman of the Wien Energie Management Board. “We will reduce our energy prices even further in the summer, put together new offers and are also implementing a record investment program for more independence and climate protection.”
The energy market slowly calmed down in 2023, but the overall geopolitical situation remained tense. These developments also have a strong impact on Wien Energie’s balance sheet figures. Wien Energie’s sales fell by around 20 percent to around 4.7 billion euros in the previous year compared to 2022. The reason for this was primarily the lower prices on the international energy markets, which also led to lower material costs. According to the international accounting standard IFRS, Wien Energie’s annual result for the 2023 financial year is 598 million euros. The result results primarily from the successful marketing of electricity from the power plants on the energy market. A large part of this (around half) comes from exceptionally high accounting effects. According to UGB, Wien Energie’s result is 294.8 million euros, lower than in the previous year.
Significant relaxation in energy prices for customers
Wien Energie has already reduced electricity and gas prices on April 1st and is taking another step to ease the burden for electricity and gas customers in the summer. The majority of customers of Wien Energie Vertriebs GmbH and Co KG are currently in a price guarantee until summer 2024. According to current forecasts, Wien Energie can significantly reduce electricity and gas prices again in July.
According to the current forecast, for customers whose price guarantee expires in summer 2024 and who have not committed themselves, the electricity price will automatically fall by 55 percent due to the positive index development. Anyone who accepted the offer with a one-year commitment last year and has therefore had a very good electricity price for a year will benefit from an automatic reduction of an estimated 6 percent. Customers don’t have to do anything about this. For even more savings, Wien Energie is putting together a new electricity offer: Anyone who commits to another year will benefit from even cheaper electricity prices. Wien Energie will provide comprehensive information about this offer from July. Gas prices also fall noticeably in the summer, probably by around 10-20 percent, depending on the contract.
Wien Energie’s electricity and gas prices are among the cheapest offers of all state energy suppliers. Wien Energie is investing around 50 million euros for the additional pricing measures. In addition, Wien Energie will again provide 12 million euros in 2024 for a social package that will support customers in difficult financial situations through social institutions.
When it comes to district heating, Wien Energie GmbH is continuing the relief measures from the previous year and has reserved 140 million euros for this this year. The costs for district heating in the price notice are therefore at the level of the consumer price index development since 2016 and correspond to the general inflation development. Compared to Austria, the district heating price in Vienna is in the bottom third.
2.6 billion euros: record investment program planned until 2029
In 2023, Wien Energie invested over 320 million euros, making it the year with the highest investment in the last decade. Wien Energie wants to implement a record investment program over the next five years. Of the planned 2.6 billion euros, around one billion will flow into the expansion of solar, wind and hydropower. Wien Energie is investing around 800 million euros in renewable heat generation and circular economy and around 260 million euros in the expansion of district heating, district cooling and decentralized generation. A further around 260 million euros will flow into digitalization, innovation, e-mobility and telecommunications and around 320 million euros into security of supply.
Energy production fell slightly in the previous year
Overall, Wien Energie generated around 17 percent less electricity last year at 5,475.5 gigawatt hours (GWh) than in 2022. Heat generation also fell by around 6.3 percent to 5,427.4 GWh. The reason for the declining production figures is primarily the lower use of combined heat and power systems due to market conditions and the warm weather conditions. In contrast, electricity generation from renewable energies was able to be expanded significantly: in 2023, Wien Energie generated 1.3 terawatt hours, around 13 percent more electricity from solar, wind and hydropower than in the previous year. In addition to the weather conditions, the main reason for this is Wien Energie’s high investments in renewable energy expansion.
Massive investments in renewable electricity production and heat transition planned
Wien Energie will have built around 60 photovoltaic systems in 2023, including around 50 directly in Vienna. In addition, the energy service provider has acquired a new hydroelectric power plant and another is currently under construction. In the area of wind power, Wien Energie has also increased the further development of existing power plants and continued the planning of three wind farms. Wien Energie has a lot planned for 2024: “Numerous photovoltaic projects with an output of over 38 megawatts are scheduled to be built in 2024: We want to build around 70 large-scale photovoltaic systems again this year and start building the Ebreichsdorf wind farm in the fall.”explains Karl Gruber, Managing Director of Wien Energie.
Wien Energie 2024 is also working on major projects in the heating sector: the company is currently building another large heat pump at the Spittelau waste incineration plant, which will generate district heating for the equivalent of 16,000 Viennese households in the future. The use of deep geothermal energy is also being further advanced in the “deep” joint venture with OMV. At the same time, Wien Energie is strategically pushing forward the expansion of district heating and is gradually connecting numerous more households to district heating – for example in the district heating pioneering areas.
Service offensive successful – waiting times for customer service have fallen significantly
In the previous year, Wien Energie implemented numerous measures in customer service in order to be able to process the massive increase in customer inquiries in the best possible way. The company has hired around 200 new employees, opened a new service center and massively expanded its opening hours. These measures are effective: “We want to provide our customers with the best possible support with their concerns. Thanks to the service offensive, we were able to reduce waiting times in customer service by up to 75 percent. Today, on average, you only wait 4 minutes on the phone at Wien Energie, and around 10 minutes in person at the service centers,” explains Alma Kahler, Managing Director of Wien Energie.
Kahler has been part of the Wien Energie management since the beginning of April and is responsible for sales and marketing, Wien Energie customer service, IT as well as finance, controlling and procurement and corporate risk.
Supply assured – further gas diversification measures planned
Wien Energie’s numerous climate protection projects are the basis for ensuring an affordable, sustainable and secure energy supply for the people of Vienna in the long term. But in the short term, Wien Energie is also working hard to make Vienna independent of Russian natural gas. The challenge: There is currently no binding labeling system at either the Austrian or European level that makes the origin of natural gas transparent. In addition, Wien Energie itself is not a gas importer. The procurement of natural gas of non-Russian origin is therefore only possible through individual supply contracts, under which our trading partners procure these quantities separately. Last year, Wien Energie purchased 2.5 terawatt hours of non-Russian natural gas. The company is also working on diversification for the coming heating season and is already in discussions with trading partners.
In any case, the supply for Vienna is guaranteed: the storage facilities were completely full at 95 percent at the start of the storage season at the end of March. Thanks to last winter’s mildness, Vienna is in a good starting position for the coming 2024/25 heating season.
Download annual report at: www.wienenergie.at/jahrebericht-2023
Images and infographics:
Questions & Contact:
Lisa Grohs
Head of Communications Management Vienna Energy
Phone: 0664 623 2005
E-Mail: [email protected]
Alexander Hoor
Company spokesperson Wien Energie
Phone: 0664 884 801 81
E-mail: [email protected]
https://www.worldysnews.com/wien-energie-2-6-billion-by-2029-in-independence-and-climate-protection-2024-05-05-074150/
Unlocking the Potential: How Bitcoin’s Declining Metric Could Drive Ethereum and Solana Price Surges
Altcoin Surge: A New Trend in the Crypto Market
- Key Altcoins Experience Significant Growth
- Market Indicators Show Mixed Signals
Bitcoin has shown resilience in the past 24 hours, surpassing $63,000 and leading a positive trend in the altcoin market. However, this surge in altcoin performance has caused a decline in Bitcoin’s dominance, hinting at a potential altcoin season on the horizon.
Altcoin Season Predictions
Crypto analyst Captain Faibik recently pointed out a rising wedge pattern in Bitcoin's dominance, suggesting a possible decrease in the dominance in the near future. This shift could pave the way for a surge in altcoin market capitalization, similar to the events of 2020 that led to a significant bull rally.
Another analyst, Mags, echoed this sentiment, emphasizing the historical significance of altcoin accumulation phases preceding major market rallies. These insights indicate a growing likelihood of an impending altcoin season with a potential surge in market capitalization.
Top Altcoin Performance
Examining the performance of leading altcoins provides valuable insights into the market sentiment. Ethereum, the flagship altcoin, saw a 4.5% price increase, reaching $3,111.72 with a market cap exceeding $373 billion. Similarly, Binance Coin (BNB) and Solana (SOL) experienced bullish trends, with BNB rising by 3.6% and SOL by 5%.
Despite these positive price movements, investor sentiment towards these altcoins remains subdued, as indicated by Santiment's data analysis showing negative sentiments for ETH, SOL, and BNB.
Ethereum, SOL, and BNB Market Analysis
Recent market trends have shown interesting developments in the cryptocurrency space. Ethereum, SOL, and BNB have all experienced fluctuations in their open interest and prices.
Ethereum’s Positive Momentum
Ethereum’s open interest has seen a slight increase, indicating a potential continuation of its current price trend. This positive momentum bodes well for the future of the cryptocurrency.
SOL and BNB Comparison
Following Ethereum’s lead, SOL also experienced a rise in open interest, aligning with its price movement. In contrast, BNB’s open interest decreased despite a price uptick, showcasing a divergence in market sentiment.
Visual Representation
Visual data confirms the increase in open interests for both Ethereum and SOL, highlighting the growing interest in these assets within the market.
Overall, these developments provide valuable insights into the dynamics of the cryptocurrency market and offer potential opportunities for investors to capitalize on emerging trends.
Analysis of Cryptocurrency Trends
Upon examining the daily chart of Ethereum (ETH), it was observed that the Money Flow Index (MFI) remained stagnant following a slight increase, while the Chaikin Money Flow (CMF) showed a downward trend. These indicators suggest that the potential for a significant price surge in ETH in the near future may be limited.
Market Insights
Contrary to optimistic expectations, the technical indicators for Solana also displayed a bearish outlook. Both the MFI and CMF for Solana indicated a downward trajectory, signaling a possible end to the token’s recent rally.
For more insights and predictions on Ethereum’s price forecast for 2024-25, click here.
The Impending Altcoin Season: A Closer Look
As depicted in the image below, the cryptocurrency market is constantly evolving, with new trends and patterns emerging.
Source: TradingView
Exploring New Possibilities
Given the information presented, it raises curiosity about the potential arrival of a fresh altcoin season in the near future.
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Unlocking the Potential: How Bitcoin’s Declining Metric Could Drive Ethereum and Solana Price Surges
US Inflation Slows to 3.1% in November as Fed Maintains Interest Rates – What’s Next for Consumers and Investors?
Consumers shop at a retail chain store in Rosemead, California on December 12, 2023. US inflation slowed to an annual rate of 3.1 percent in November as prices across a wide range of goods and services edged higher, but largely in line with expectations as the consumer price index, a key figure to measure inflation, rose 0.1 percent in November, up 3.1 percent from a year ago, according to statistics released today by the US Department of Labor. (Photo by Frederic J. BROWN / AFP)
Column: World Economic Pulse Author: Nongnuch Singhadecha
As expected by the market For the meeting of the Monetary Policy Committee of the Federal Reserve (Fed) on May 1, it was decided to maintain the policy interest rate at the same level, between 5.25-5.5%, for the same reason, that is, inflation is remain high. The Fed is no more confident that inflation will fall below its 2% target.
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The Chairman of the Fed, Jerome Powell, said that the Fed is prepared to keep interest rates at this level for as long as it sees fit.
After the market and investors “reduced hope” to see the Fed cut interest rates Consequently, the market is now turning its attention to the issue of whether there is a chance that the Fed will raise interest rates or not. Looking at inflation that is still hot and the Fed Chairman has ensured that there is no possibility of raising interest rates at the next meeting. This turned out to be the catalyst for the three US stock indexes to rally sharply during the day. before closing the mixed market The Dow Jones remained in positive territory, up 0.23%, while the S&P 500 and NASDAQ closed slightly negative at 0.34 and 0.33%, respectively, after disappointing results from some technology companies.
At the same time, the Fed announced that from June 1 it will reduce its balance sheet in terms of bonds by $25 billion per month. from the usual amount of 60 billion dollars per month. This is to ensure that the financial system will not be short of reserves as happened in 2019.
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David Kelly, chief strategist at JPMorgan Asset Management noted that the Fed reduced its balance sheet at a lower rate than before, from $60 billion per month to just $25 billion. Although it can reach 30 billion dollars. It is considered to be a sign of monetary easing. And it shows that the Fed does not want to get too tight. Giving more confidence to the market that there will be no further increase in the interest rate.
Scott Helfstein, senior vice president of Global It’s a move that shows the Fed’s desired stance. “Support the economy” because fixed interest rates help companies plan their investments better. Businesses and markets need consistency and predictability. At the same time, this attitude from the Fed will push stocks to rebound.
However, the Fed chairman said that The reason is that the balance sheet is being reduced at a lower rate. This is not because they want to support the economy or reduce austerity. He wants to make sure that the process of reducing the balance sheet goes smoothly. Don’t want to cause turmoil in the financial market like last time.
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In the case of slower GDP growth in the first quarter. But inflation has increased a lot. causing concern that a condition would occur “Economic stagnation” Powell rejected that idea. He confirmed that he had not seen any signs and expressed his doubts as to where this idea came from. Because if measured by some measures Currently, the US economy is expanding at 3% and inflation is below 3%. He emphasizes that private consumption has expanded at 3.1%, indicating the state of the economy is very good. In terms of the labor market, it has adapted well despite being in a period of tight monetary policy. So the Fed is watching closely.
Jim Caron, chief investment officer of Morgan Stanley Investments, said the market expected the Fed to cut interest rates for the first time in December this year. Although many others believe it will start in July. But the answer will depend on the labor market. If the labor market weakens Employment has cooled. The Fed may cut interest rates faster. But if the labor market is still strong The interest rate cut will also be extended to December.
The Fed meeting also caused the 10-year US Treasury yield to briefly fall below 4.6%, easing investor concerns that the yield could rise above 5% this year and limit economic growth. Most Asian stock markets rose. Reflecting the positive response to the results of the Fed meeting Including relief that the Fed will not raise interest rates.
Read the original news at: Analysts read Fed’s thinking “Interest rate cut” waits until December
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