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Verbund CEO Says Company Investing EUR2 Billion Annually to Diversify Power Generation

MT Newswires·10/02/2026 07:02:43
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07:02 AM EDT, 10/02/2026 (MT Newswires) -- Verbund (VER.VI) Chief Executive Officer Michael Strugl said the company is investing 2 billion euros a year to diversify its power generation away from hydropower amid drought across Europe, Bloomberg News reported Friday. Speaking at a briefing in Vienna, the CEO said the investment covers electricity generation, transmission and storage, as the Austrian hydroelectric power producer looks to add more renewables and reduce the hours its gas-fired plants are needed.