The Austrian Council of Ministers has decided to freeze electricity prices in the country for a year and a half, Kurier newspaper reported.

The price freeze will be valid from December 1, 2022 to June 30, 2024. During this period, the government will partially compensate households for electricity costs until the consumption limit of 2,900 kWh is reached. After the established threshold is exceeded, no compensation will be made.

The price freeze will help households save about 500 euros per year. The limit of 2,900 kWh corresponds to 80 percent of the average annual electricity consumption of a household in Austria.