Gallery

2022-07-05 17:15:45 By : Ms. Sophia Ge

Austrian Energy Minister Leonore Gewessler attends a news conference in Vienna, Austria April 27, 2022. REUTERS/Leonhard Foeger

VIENNA, July 5 (Reuters) - Austria will order industry and utilities to make plants run on alternatives to natural gas where possible, especially oil, its energy minister said on Tuesday, as the country scrambles to hoard gas in case Russia cuts it off.

Austria obtains 80% of its natural gas from Russia but most of its electricity comes from hydropower and it uses relatively little gas in power plants. Gas does, however, play an important role in industries like steel and paper, and in heating.

Since Russia's invasion of Ukraine Austria has been seeking alternative sources of gas while racing to fill its gas storage facilities before the heating season begins in autumn.

"Power plants and industrial companies will be instructed to upgrade their systems for dual operation to the extent that it is technically and economically feasible. That means that plants can run on natural gas as well as on other energy sources - in most cases it will be crude oil," Leonore Gewessler told a news conference, outlining an edict her ministry is drafting.

The measure, which must be signed off on by the main committee of Austria's lower house of parliament, is aimed at large gas consumers, Gewessler said, adding that the greatest potential was in district heating, which involves pumping hot water from a heating plant into consumers' buildings. read more

In Vienna, Austria's biggest centre of district heating, a large portion of district heating plants are gas-fuelled.

Gewessler was speaking after a meeting with experts on the country's gas storage that was called because of a slowdown last week in the amount being transferred to storage. That amount has since increased, she said, adding that there was no need to move to the second level of a three-stage emergency gas plan. read more

Our Standards: The Thomson Reuters Trust Principles.

Germany's government will have the power to bail out utilities under proposed legislative changes approved by the cabinet on Tuesday, according to the economy ministry.

Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.

Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.

The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.

The industry leader for online information for tax, accounting and finance professionals.

Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.

Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.

Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.

All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.