Brussels approves Greek energy support plan
The European Commission has approved a €150-million Greek scheme to support energy-intensive companies facing increased energy costs in the context of Russia’s war against Ukraine.
The plan was approved under the Temporary Crisis and Transition Framework (TCTF), adopted by the Commission on March 9, 2023 and amended on November 20, 2023, to support measures in sectors which are key to accelerate the green transition and reduce fossil fuel dependencies.
Under the scheme, the aid will take the form of direct grants and will be channeled through electricity suppliers in the form of electricity bill reductions.
The purpose of the scheme is to cover the additional costs for energy and trade intensive companies active in particularly affected sectors listed in Annex I of the TCTF, due to exceptional price increases in electricity prices linked to the current geopolitical crisis.
The Commission found that the Greek scheme is in line with the conditions set out in the framework. In particular, companies eligible under the scheme will be entitled to receive aid up to 80% of the eligible costs for the maximum aid ceiling of €150 million.
The aid will be granted before September 30, 2024.
