Government funding for WAG Loop 1

In the context of the Council of Ministers, financial support for the WAG Loop 1 project by the Federal Government was announced in March 2024 and an enabling act for the provision of funds of up to EUR 70 million was passed in the parliamentary process at the beginning of July 2024. As the transmission system operator responsible for the project, Gas Connect Austria welcomes this decision.

Stefan Wagenhofer and Harald Stindl, both Managing Directors of Gas Connect Austria, said: "We welcome the financial support of the Federal Government for WAG Loop 1 and are pleased that the importance of the project for Austria's security of supply has been recognised".

The EUR 70 million grant represents just over one third of the total project cost. The state funds will be repaid to the state by Gas Connect Austria after the project has been completed.

For further information on the WAG Loop 1 project, please refer to the link provided.