The Austrian government announced on Thursday a package of 500 million euros aimed at reducing energy bills for households and companies.

The Austrian government has launched a package of 500 million euros aimed at reducing energy bills for households and companies, with funds coming from the reserves of state-owned companies. This includes 200 million euros from the reserves of the real estate operator BIG, 200 million from the energy group Verbund, and 100 million from the undistributed profits of the OBAG holding, according to the Ministry of Economy.

Chancellor Christian Stocker stated that the measure will provide 'a visible reduction' of the energy burden, although the details of the application have not been specified. This initiative complements a bill currently being approved to lower electricity prices.