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The Austrian government is aiming to reduce energy costs and revamp the industrial sector

The Austrian government is aiming to reduce energy costs and revamp the industrial sector

Austria's three-party ruling coalition announced on Tuesday that it plans to overhaul the energy market in order to lower costs for consumers, and develop an industrial strategy in order to boost weak economic growth.

Ministers of the newly formed centrist coalition met in their first working retreat to develop plans aimed at reducing the country's ballooning budget deficit and reviving an economy that had been contracting for the last two years.

Austria has also been working to find reliable energy sources since it weaned itself off Russian gas in the wake of a sudden shakeup of natural gas supply late last year.

Christian Stocker said that today was the day to address industrial strategy and energy markets. He added that the current trade disputes between western powers, as well as the effects of the war on Ukraine, posed challenges.

Stocker, who is a conservative member of the People's Party, stated that one of the main goals of the government was to reduce energy costs, both for businesses and households.

Stocker stressed the need to reduce grid costs, as they are a major factor in keeping industry competitive. Stocker said at a press briefing that the government also wanted to reduce red-tape so that approvals pending are expedited. (Reporting and writing by Alexandra Schwarz Goerlich, Editing by Madeline Chambers).

(source: Reuters)