Mar 19, 2025 (MarketLine via COMTEX) --
Austria's three-party ruling coalition government has announced plans to overhaul the country's energy market.
The initiative is aimed at reducing costs for consumers and formulating an industrial strategy to bolster the nation's sluggish economic growth, as reported by Reuters.
During their inaugural working retreat, ministers from the centrist coalition, which was established in early March 2025, convened to discuss strategies to address Austria's burgeoning budget deficit and revitalise an economy that has seen contraction since 2022.
The coalition is also focusing on securing reliable energy sources - a priority that has gained urgency following Austria's shift away from Russian gas amid the rapid transformation of natural gas supplies.
A primary objective for the government is to alleviate energy costs for both businesses and households, according to the Chancellor of Austria and a member of the conservative People's Party (OVP), Chancellor Christian Stocker.
Stocker suggested that grid costs could be diminished by expanding the network, which is crucial for industrial competitiveness.
Encouraging investments through simplified write-down processes is also on the agenda.
Stocker emphasised the coalition's commitment to reducing bureaucratic hurdles to expedite pending approvals.
During a press conference, Stocker mentioned that the coalition, comprising OVP, the Social Democrats (SPO) and the liberal Neos, aims to reveal detailed plans for economic stimulation by the end of 2025.
With experts predicting a challenging year in 2025 for both economic growth and the job market, the government's proposed measures are timely and critical.
Stocker stated: "Today is the day we'll address the industrial strategy and the energy market," highlighting the challenges posed by current trade disputes and the ongoing effects of the conflict in Ukraine.
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COMTEX_463752819/2227/2025-03-19T09:35:18
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