Austria’s OMV profits up amid soaring energy prices

Austrian oil and gas group OMV said Friday it recorded a high third quarter profit due to soaring energy prices.

Austria's OMV profits up amid soaring energy prices
Picture taken on March 27, 2022 shows a general view of the largest Austrian refinery OMV at Schwechat near Vienna, Austria. (Photo by JOE KLAMAR / AFP)

For the period from July to September, OMV recorded a net profit of 3.3 billion euros ($3.3 billion), compared to 279 million euros for the same quarter last year.

Revenue doubled year-on-year to 17.2 billion euros thanks to “significantly higher market prices”, the company said in a press release.

OMV — which worked closely with Russian giant Gazprom until the invasion of Ukraine — said “the drop in production” linked to the war’s consequences “has been more than offset by the rise in oil and gas prices”.

READ ALSO: ENERGY CRISIS: Will Austria have enough gas for winter?

In the third quarter, OMV reported an average oil price increase of 42 percent year-on-year, while the price of natural gas has also “significantly increased” to a “historically high level”.

Following European sanctions on Moscow, OMV froze its investments in Russia and has withdrawn from the Nord Stream 2 gas pipeline project.

The Austrian flagship company said its strong performance prompted it to propose a special dividend of 2.25 euros per share.

Greenpeace and other activists have called for a protest outside the company’s headquarters in Vienna, decrying the “immorally” high profits.

READ ALSO: Reader question: Is travelling to Austria this winter worth it?

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Vienna Energy Bonus: How to get a €200 payout

The City of Vienna is sending out bonuses of €200 to households to help cushion the effects of rising energy costs. Here's what you need to know.

Vienna Energy Bonus: How to get a €200 payout

The City of Vienna announced on Monday, November 28th, more government assistance to cushion rising costs for residents. 

Viennese households will receive €200 in a new “energy bonus’, according to statements given by the City Councillor for Finance Peter Hanke (SPÖ). The administration said the bonus would benefit about two-thirds of all city homes.

Single households with a gross annual income of a maximum €40,000 or multi-person households with an income of up to €100,000 gross per year are entitled to receive the payment. 

READ ALSO: ‘I’m still waiting’: Foreigners in Austria still not been paid Klimabonus handout

The City of Vienna will send, from November 29th to December 13th, an information letter to every address registered as a main residence in the Austrian capital. The letter will contain a password that will need to be used for the online application. 

The bonus should arrive in the account specified in the application within a few days and the payment will be made automatically, Hanke said.

Online applications can start from December 5th and can be sent until March. You can check more information HERE.

The administration provides an online tool to help people calculate whether or not they are eligible. However, the city will check all applications afterwards, and if people who earn too much apply, they will have to pay back the bonus. 

READ ALSO: How expensive are gas and electricity in Austria right now?

Around €130 million is being spent on the subsidy, Hanke said.

Other subsidies and government assistance

Vienna has had other support for citizens, including transfers of €200 to help people of lower incomes cope with rising costs. 

The Austrian federal government has also announced several measures, from the €500 Klimabonus payment which went to every resident in the country to an energy price cap, as reported by The Local.