Verbund Says It Has $103 Billion Solution for Austria’s Malaise
- CEO Michael Strugl says spending on power will boost economy
- Climate-skeptic Freedom Party is facing a deep budget deficit
The Verbund AG combined cycle gas turbine power plant in Mellach, Austria.
Photographer: Akos Stiller/BloombergThis article is for subscribers only.
The chief executive officer of Austria’s most valuable listed company urged legislators negotiating a new government to stick by ambitious climate targets and double down on investment in the power grid.
Verbund AG’s €100 billion ($103 billion) investment plan to boost clean power generation, transmission capacity and storage in the central European nation by 2040 would help lift Austria’s economy out its second year of recession because most technology and material can be sourced locally, CEO Michael Strugl said Thursday at briefing in Vienna.