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Austrian Renewable Energy Expansion Act (EAG) ensures liberalization

The basis of the energy transition is the decentralization of energy generation. With the Renewable Energy Expansion Act (EAG), Austria is now taking a pioneering role worldwide in the liberalization of the energy infrastructure. An urgently needed step, as Walter Kreisel, founder and CEO of neoom said: “We at neoom are convinced that the energy transition will only be possible if everyone has the opportunity to profitably participate in energy generation.” An important building block for this is the option of energy communities which has now been established.

Austria’s renewable energy targets are ambitious. By 2030, electricity demand is to be covered entirely from renewable energy sources over the course of the year. This will require an additional 27 terawatt hours of electricity generation capacity. The Renewable Energy Act now defines the framework conditions under which the expansion of green electricity should be possible in less than ten years.

“neoom is committed to sustainable power generation, storage and subsequent smart use of the energy generated. Fossil fuels are coming to an end. However, wind, sun and water are virtually infinitely available to us. Making good use of them is our declared goal. Incidentally, eleven of the 27 terawatt hours needed are to come from the photovoltaic sector, which is our core competence. Despite subsidies, PV installation is only really profitable and therefore attractive for private households, and even more so for companies and municipalities, if there is the possibility of energy communities. The EAG now paves the way for this. In this way, those who generate electricity can supply those who have no capacities, or simply too little, themselves. Buildings thus become power plants. This makes true independence from conventional electricity suppliers possible. This liberalization of the electricity market is a major step forward in achieving the energy turnaround,” says a delighted Walter Kreisel.
Forging a path to the future
In addition to market premium models, there will be investment subsidies. This will enable existing facilities to be converted and existing electricity storage systems to be expanded. In this way, the potential that already exists can be leveraged. “The EAG is a cornerstone in the expansion of sustainable energy generation. The decision was urgently needed so that we can finally push ahead with the necessary change. This is exactly what we have been waiting for. Now, together with our partner companies and our customers, we can make an even better contribution to the energy transition,” Walter Kreisel is pleased to say.
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