OeMAG was established in connection with the amendment of the Green Electricity Act, which introduced a uniform Austria-wide approach to the subsidisation of electricity from environmentally friendly sources.
With effect from 1 October 2006, on the basis of the Green Electricity Act, OeMAG took over the clearing and settlement of the green electricity subsidies from the three balancing area managers and was appointed to act as the sole clearing and settlement agency for subsidised green electricity in Austria.
The responsibilities of OeMAG include taking delivery of the green electricity from the plant operators and the daily allocation of the green electricity to the power traders. This is done in proportion to the green share of the electricity mix calculated by OeMAG.
OeMAG also has responsibility for managing the newly created subsidy budget and for processing the subsidy applications.
OeKB as a service provider to OeMAG is commissioned to perform the financial clearing, risk management and credit assessments.