Energy supplier’s financial disast • Table.Briefings

The municipal company Wien Energie needs financial guarantees worth billions from the state to secure the electricity supply in the capital. Apparently, the company took a gamble on futures trades on the electricity exchanges.

Austria’s largest energy supplier Wien Energie is facing financial disaster. The company has unexpected financial needs of up to €6 billion. Due to failed futures transactions on the stock exchange, the company of the city of Vienna needed financial guarantees of at least €2 billion in the first attempt on Tuesday to avoid insolvency and guarantee security of supply.

Energy supplier’s financial disaster shakes Austria

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