Q1 2023 Verbund AG Earnings Call Transcript

Feb 14, 2024

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May 11, 2023 / 09:00AM GMT
Operator

Hello, and welcome to VERBUND AG First Quarter Results Conference. My name is George, and I'll be your coordinator for today's event. Please note that this conference is being recorded. (Operator Instructions)

I now hand the call over to your host today, Mr. Peter Kollmann, CFO, to begin this conference. Please go ahead, sir.

Peter F. Kollmann - VERBUND AG - CFO & Member of the Executive Board

Thank you. I'm here with Andreas Wollein. Ladies and gentlemen, welcome to the presentation of VERBUND for the first quarter '23, and let me thank you for joining today's conference call.

Before we move into the analysis of our business development, let me make a few general comments. In the first quarter '23, wholesale prices for gas and electricity fell significantly, and at times, even though below the level recorded before the war in Ukraine, has concerns about security of gas supply in Europe decreased after the winter. This is particularly due to historically high levels of gas storage.

The proposals published by the EU Commission on

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