The European Union initialized the Guidelines for the Internal Energy Market to enforce a competitive and secure electricity market and to maintain Europe’s energy supplies. Austria followed these guidelines and introduced the Electricity Industry and Organization Act that led to the liberalization of the electricity market in 2001. These proposed initiatives promoted energy markets and motivated the energy sector to participate on electricity wholesale markets. The strong support for renewable energies during the last years resulted in an increase in dependence of power consumption on power generation. Electricity prices decreased in the noon due to the increase in the generation of electricity using alternative energy sources depending on different environmental conditions. This further complicates a reliable forecast of electricity prices. Energy-intensive industrial companies can benefit from the current market situation by participating in the electricity market. This thesis presents different strategies for power procurement with and without the use of natural gas, via the employment of a steam turbine and additional power generation units. Different strategies for the power supply were implemented for each calculated standard load profile, ranging from conservative to hedging strategies. Increasing volatility of the energy markets yields to an increase in balancing power expenses. The economic potential by participating in the control and balancing energy market is supported by analyses of the price development in tendered products of the secondary and tertiary control.