Further investments are planned as a key component of the energy transition in Austria.
Vienna, April 20, 2021. At today's Annual General Meeting of Verbund AG, ÖBAG underscores the importance of Verbund's role as a reliable driver of the energy transition in Austria. ÖBAG holds 51% of all Verbund shares.
ÖBAG board member Thomas Schmid: “Sustainability is a key priority for ÖBAG. Accordingly, as the owner's representative of the Republic of Austria, we are also pushing forward all efforts by our portfolio companies to achieve Austria's climate goals. With its nearly 100% renewable energy sources, Verbund is ideally positioned for the energy transition and is a pioneer in sustainability. Verbund AG therefore plays a central role in the transformation of the domestic economy towards climate neutrality. We are particularly pleased that Verbund is investing around half a billion euros in the further expansion of its storage capacity in the large Malta/Reißeck hydropower plant groups and is thus benefiting from the increasing demand for flexible energy solutions.”
Verbund has also impressed the financial markets with innovative, sustainable financing solutions. For example, Verbund recently successfully placed a "Green & Sustainability-linked Bond" in accordance with the EU taxonomy. Thomas Schmid: "With this oversubscribed placement of EUR 500 million, Verbund has achieved success on the international capital market. This financing solution demonstrates Verbund's clear commitment to further strengthening its production capacity for renewable energy sources."
The acquisition of a majority stake in Gas Connect Austria last year is also clearly in line with the energy transition. With this step, Verbund not only secured important infrastructure in Austrian hands, but also a key building block for a potential future hydrogen strategy.
It is particularly gratifying that, despite the significant challenges posed by the Covid-19 pandemic, Verbund was also able to strengthen its operating result: EBITDA rose by 9.2% to almost €1.3 billion. Accordingly, the Annual General Meeting was once again able to approve an increase in the dividend. Thomas Schmid concluded: “Maintaining security of supply in challenging times, successfully positioning itself as a sustainable energy provider, and making strategic investments while simultaneously strengthening operating results are key achievements of Verbund's management. I extend my sincere thanks for this.”