ECONOMY

Commission approves Greek RES blueprint

commission-approves-greek-res-blueprint

The European Commission on Wednesday approved a 2.27-billion-euro aid scheme proposed by Greece to boost renewable energy generation.

The executive branch of the European Union said that the measure will help Greece to meet its renewable energy goals without unduly distorting competition.

Greece seeks to reduce its permitting process to about two or three years, down from the eight years typical of such schemes in Greece.

Greece’s new scheme of power provision – based on onshore wind, photovoltaic, biomass, hydroelectric power and other renewable energy sources of 4.5 gigawatt of fixed power capacity – will comprise joint competitive tendering and direct awarding.

The scheme will remain open until 2025 and the payments can be made over a minimum period of 20 years. [Reuters]