Austria Broadens Windfall Tax to Push Utilities to Cut Prices

Austria said it will broaden a windfall tax on utilities that the government considers are too slow in passing on lower energy costs to consumers.

The levy will kick in at a price of €120 ($131.38) per megawatt hour of electricity from June, harsher than the €140 level introduced last year. A preferential rate for power companies that pledge to invest in renewable production will also be lowered.

The measure is part of a policy package presented on Wednesday by Chancellor Karl Nehammer, who is struggling to prop up his popularity in the face of the resurgent far-right ...