One of Russia's Last Big EU Gas Consumers Turns Off the Tap [BNN Bloomberg (Canada)]
OMV AG BEARER SHS S/ADR (OMVKY)
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Company Research
Source: BNN Bloomberg
Wien Energie GmbH, which provides energy to two million people in and around the Austrian capital, said it won't need Russian fuel as of next year for the first time in decades. It's sourced 10 terawatt-hours of alternatives, equivalent to about 12% of national consumption, from North Africa, the North Sea and other global liquefied natural gas suppliers. “Because of Russia's war of aggression, independence from Russian gas is critical for security of supply,” said Vienna's finance chief Peter Hanke at a press conference Friday. “All households, commercial customers and power plants will be running on non-Russian gas in 2025.” The announcement may help to alleviate pressure on gas markets, with traders preparing for Russian gas flows via Ukraine to stop from January. Austria got well over half of its supply from that route during the first half of the year. While Wien Energie will continue to procure supplies via the Central European Gas Hub, in the future it will require trade
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