Vorarlberg Invests Massively in Renewable Energy
The Austrian province aims for enlarging renewable energy production together with the South-German energy group EnBW. Investments total € 600m.
Illwerke AG, which is owned by the province of Vorarlberg, closes long-term contracts with EnBW, which secured 50% of the electricity by Illwerke AG. Conversely, EnBW participates in annual costs of Illwerke AG as well as future investments. Now, both management boards of the regional energy suppliers agreed over the extension of the contract until 2041. Illwerke AG will act as supplier of energy peaks.
For Vorarlberg´s governor Markus Wallner, this is a “historic agreement”. All in all, the investment volume reaches € 600m. “This means a substantial value creation for Vorarlberg and improves the security of supply.” For the CEO of Illwerke AG, Ludwig Summer, the contract with EnBW brings an “optimal risk diversification”.
Within the next 12 months, Vorarlberg plans to build further hydro power plants. Thus, new capacities of 58 GWh are created.