"Green light" to the Greek plan to support energy-intensive companies with 150 million Euros
The aid will take the form of direct grants and will be channeled through electricity suppliers in the form of reduced electricity bills. It is intended to cover the additional costs for energy-intensive and trading companies operating in particularly affected sectors, due to the extraordinary increases in electricity prices linked to the current geopolitical crisis.
The State aid scheme was approved under the Temporary Crisis and Transition Framework for State Aid, adopted by the Commission in March 2023 and amended a month ago, with the aim of supporting sectors that are key to accelerating the green transition and reducing of fuel dependence.
The Commission found that the Greek regime is in line with the conditions set out in the Temporary Crisis and Transition Framework. In particular, businesses that are eligible under the scheme will be eligible to receive aid of up to 80% of eligible costs for the aid ceiling of €150 million.
The aid will be granted before September 30th, 2024. In addition, public support will be subject to conditions to limit unjustified distortions of competition, including safeguards to maintain competition between suppliers and to ensure that the aid is passed on to the final beneficiaries.
The Commission concluded that the scheme is necessary, appropriate and proportionate to remedy a serious disturbance in the economy of a member state, in line with Article 107(3)(b) TFEU and the conditions set out in the TCTF. On this basis, the Commission approved the scheme under EU State aid rules.
