Commission approves €405 mln Greek scheme for energy-intensive companies

The European Commission has approved a €405 cardinal Greek state assistance strategy aimed astatine reducing energy levies for energy-intensive industries, saying the measurement would assistance forestall companies from relocating accumulation extracurricular the European Union.

The scheme, approved under EU state assistance rules, is intended to support companies successful sectors that devour ample amounts of energy and look strong planetary competition, the Commission said.

EU officials said the measurement seeks to trim the hazard of c leakage, where companies determination operations to countries with little stringent clime policies, perchance starring to higher planetary greenhouse state emissions.

The caller programme replaces a akin Greek strategy that the Commission approved successful December 2018.

Under the plan, eligible companies will person reductions of betwixt 75 and 85% connected energy levies, depending connected their vulnerability to planetary contention and vigor costs. However, the levy paid by beneficiaries cannot autumn beneath 50 cents per megawatt hour.

Companies receiving assistance will besides beryllium required to conscionable biology conditions. Beneficiaries indispensable either instrumentality recommendations from vigor audits, put astatine slightest fractional of the assistance received successful projects that importantly trim greenhouse state emissions, oregon guarantee that astatine slightest 30% of their energy depletion comes from carbon-free vigor sources.

The Commission said it concluded the strategy was “necessary and appropriate” to debar concern relocation while remaining successful enactment with EU clime and contention rules.