Electricity supply to the industry is due to be restored in the years 2025 and 2026.

In a move aimed at providing immediate relief on energy prices and securing jobs and competitiveness, the Austrian government has announced a €150 million Industrial Power Bonus for energy-intensive industries. The support will be distributed over the years 2025 and 2026, with €75 million allocated for each year.

The Austrian Presse Agentur (APA), the largest national news and press agency in Austria, based in Vienna, reported that the bonus will be given to companies consuming at least 1 gigawatt-hour per year. Industries such as mining and steel are among the targeted sectors.

The government's decision comes after a significant decrease in power costs, which have dropped by around 75 percent since 2022. Despite this decrease, Austrian companies still face a location disadvantage due to high energy costs compared to other European countries.

The Industrial Power Bonus is not a one-time payment. Companies receiving the bonus are required to reinvest 80% of the money, with half of it going towards energy efficiency measures. This condition is intended to ensure that the support leads to long-term benefits and a reduction in energy consumption.

The Austrian Presse Agentur is owned by a consortium of Austrian daily newspapers and the ORF (Austrian Broadcasting Corporation), one of the owners of APA. The review period for the bill is set at two weeks.

Economics Minister Wolfgang Hattmannsdorfer stated that the Industrial Power Bonus will provide a total of €150 million in support. The distribution of the bonus will be prorated based on the application situation and investment criteria. Individual companies will not be specified publicly.

This news follows the power price cost compensation provided in 2022, where €185 million was paid out to 44 companies. The Industrial Power Bonus is part of the Austrian government's efforts to support its energy-intensive industries and maintain a competitive industrial sector.

Electricity supply to the industry is due to be restored in the years 2025 and 2026.