The Austrian Nationalrat has unanimously approved a federal law to address significant issues in the energy sector highlighted by a task force report in June 2023. The law introduces amendments requiring companies in the electricity, district heating, and natural gas markets to demonstrate that their prices comply with competition laws and are not abusive.

The purpose of the law is to prevent price abuse and improve market conditions in cases where energy providers hold significant market power. The legislation is scheduled to be in effect until at least December 31, 2027, with the aim of mitigating crisis effects and enhancing market conditions for dominant energy providers.

The General Director for Competition at the Austrian Federal Competition Authority (BWB) welcomed the Nationalrat's decision, emphasizing the importance of competition in the energy sector for the Austrian economy and consumers. The move is intended to strengthen BWB's competencies in combating abusive behavior.

The BWB and the E-Control are expected to present the final report of the Energy Task Force by the end of 2024, further addressing issues and potential regulatory actions in the energy market.