EU Approves Aid to Ease Electricity Costs for Firms
The European Commission has approved state aid schemes in Germany, Bulgaria and Slovenia to temporarily ease electricity prices for energy-intensive businesses.
The schemes have budgets of €3.8bn for Germany, €334m for Bulgaria and €90m for Slovenia, the Commission said.
The aid follows recent increases in energy prices, partly linked to the war in Iran. The European Union, however, said the measures are primarily aimed at supporting efforts to reduce greenhouse gas emissions.
Support will be conditional on companies using a significant share of the funds for measures to cut emissions.
Approval was made possible by relaxed EU competition rules introduced last June, designed to make it easier for firms to access state aid for decarbonization.
The rules also allow energy-intensive industries to receive temporary relief from electricity prices. Earlier this week, Germany unveiled additional measures to ease energy costs, particularly for motorists and transport companies, following disruptions to energy supplies.