Russia Helps Lift Austria Into Ranks of Energy-Exporting Nations [BNN Bloomberg (Canada)]
OMV AG BEARER SHS S/ADR (OMVKY)
NASDAQ:AMEX Investor Relations:
omvpetrom.com/portal/01/petromcom/petromcom/omv_petrom/investor_relations/omv-petrom-shares-gdrs/shareholding-and-stock-listing-history/!ut/p/b0/04_sj9cpykssy0xplmnmz0vmafgjzoin_e0tar0cny1cddw9pxw93hwndsbapzg1t78g21erac3xr1e!
Company Research
Source: BNN Bloomberg
The data underscores the uneven impact of the energy crisis triggered by Russia's invasion of Ukraine. Even as electricity and gas price shocks forced consumers to reduce consumption, companies including OMV AG and Verbund AG profited by exporting more energy to Austria's neighbors. OMV reported Thursday that Russia delivered all the agreed gas volumes under a long-term contract with Gazprom running to 2040. The company purchased 5.3 terawatt hours a month of the fuel in the final quarter of last year. Overall, Austria imported almost twice the volume of gas its economy required, allowing traders to sell just over 90 terawatt hours of the fuel abroad. Read More: Russian Gas Glut Shows Austria Still in Kremlin's Energy Orbit The power sector was similar, where state-controlled Verbund AG is the country's most-valuable company. Electricity consumption fell 5.3%, even as cheap hydro-power generation surged more than fifth over the year before. That allowed Austria to transmit more
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