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Austria grants 2-billion loan to struggling energy supplier

August 31, 2022 GMT

BERLIN (AP) — The Austrian government said Wednesday it has granted a credit line of 2 billion euros (dollars) to financially distressed energy supplier Wien Energie.

Austria’s largest regional energy supplier, which has 2 million customers and belongs to the city of Vienna, has run into massive financial problems due to the turbulence on the electricity and gas markets triggered by Russia’s war on Ukraine.

“I am pleased to inform you that today the loan agreement between the Province of Vienna and the Federal Government has been signed,” Austrian Chancellor Karl Nehammer told reporters in Vienna.

The Austrian government has asked the city to pay back the loan by next April.