The Austrian government on Wednesday announced plans for a power price cap to curb the rise in energy costs tied to Russia's war in Ukraine.
Chancellor Karl Nehammer said the cap should ease costs for an average household of three by about 500 euros (USD 494) per year.
The government will provide around 3-4 billion euros to finance the measure, which will come into effect in December and last through the end of June 2024.
“No one in Austria should be unable to afford their basic electricity needs," the chancellor told reporters in Vienna.
“This is about quick and unbureaucratic help, which is why no one needs to apply for it,” he added. “The electricity price cap is handled automatically for every household. It is another building block in the relief of people in a difficult time.”
Nehammer added that low-income households can apply for additional financial support.
