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Austria to Cap Power Prices to Help Households With Rising Costs

Austria will cap power prices for households up to 80% of last year’s average consumption in a measure aimed at taming surging energy costs.

The step will generate annual savings for each household of an average 500 euros ($498) and may be formally announced at a government meeting on Wednesday, Der Standard newspaper said Sunday, citing people at the Finance and Energy Ministries it didn’t name. Austria’s government has set aside 2.5 billion euros to support the plan, according to the report.