In Vienna on March 18, Austria's new three-party ruling coalition unveiled plans to restructure the country's energy market to lower costs for consumers and establish an industrial strategy to boost the sluggish economic growth.
During their first official working meeting, ministers from the centrist coalition, which formed earlier this month, came together to develop strategies to address the nation's large budget deficit and revive an economy that has declined for the past two years.
Austria is also focused on ensuring a stable energy supply after reducing reliance on Russian gas following disruptions in natural gas availability late last year.
Chancellor Christian Stocker emphasized the importance of addressing the industrial strategy and energy market, noting the challenges posed by trade disputes among western powers and the ongoing impact of the conflict in Ukraine.
Stocker, a member of the conservative People's Party (OVP), highlighted the government's key objective of reducing energy expenses for businesses and households. He underscored the need to lower grid costs through network expansion to enhance industry competitiveness. Stocker proposed facilitating investment write-offs for companies to encourage this goal.
Another priority for the government is streamlining bureaucratic processes to expedite pending approvals, Stocker announced at a press conference.
Stocker disclosed that the ruling coalition, comprising the OVP, Social Democrats (SPO), and liberal Neos, plans to outline detailed strategies to stimulate the economy by the year's end.
He acknowledged predictions from experts of a challenging year for the economy in 2025, concerning both growth and the job market.