Verbund CEO warns of prolonged energy market turbulence in Europe

13 Oct 2023 CW Team

In a recent interview, Michael Strugl, the CEO of Austrian hydropower giant Verbund, cautioned that European nations should brace for enduring volatility in power and gas markets. Even as the conflicts in Ukraine and the Middle East subside, Strugl emphasised that energy market turbulence is becoming the new norm. The recent escalation in the Israel-Hamas conflict led to surges in oil prices, and although gas and power prices have receded from the peaks witnessed after Russia's invasion of Ukraine, they remain notably higher than pre-war levels.

Verbund, a major player in European hydropower with approximately 130 plants in Austria and Bavaria, anticipates a sustained shift in pricing dynamics. Strugl refrained from specifying exact price forecasts but stated that the price levels from the pre-war era might not be revisited.

Over the past year, daily wholesale gas futures prices, closely tied to power costs, have averaged twice the rates observed before the Ukrainian conflict. These prices have fluctuated between 20 and 50 euros ($21.23-$53.09) per megawatt hour (MWh), compared to the rare instances when they exceeded 30 euros until 2020.

The invasion of Ukraine by Russia caused a drastic spike in wholesale gas and power prices, prompting governments to take swift action to shield consumers from the fallout. Verbund faced a legal challenge from a consumer rights group, initiated by the Economics Ministry, resulting in an appellate victory against Verbund's price hike in the spring of the previous year. The case is currently under appeal at the Austrian Supreme Court. If Verbund loses, it could be required to refund approximately 350,000 customers. Strugl emphasised the urgent need for a robust legal framework, with the company setting aside 100 million euros to cover potential expenses.

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