Russia Helps Lift Austria Into Ranks of Energy-Exporting Nations [Financial Post (Toronto, Ontario, Canada)]
OMV AG BEARER SHS S/ADR (OMVKY)
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Source: Financial Post
Author of the article: (Bloomberg) — Austria exported more energy than it consumed for the first time in two decades, with steady natural gas flows from Russia and lower power consumption giving a boost to state-owned companies. 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. Article content Article content 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 Ener
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