The European Commission approved an aid program worth 3.8 billion euros on Thursday, allowing the German government to support its industrial sector with reduced electricity prices. According to the Brussels authority, the Commission concluded that these regulations are “necessary, appropriate, and proportionate” to accelerate the transition to a climate-neutral economy and boost certain economic sectors vital for implementing the deal for a clean industry. Furthermore, these rules aid the transition to a climate-neutral economy because companies receiving the aid must reinvest a significant portion of the funds into decarbonization measures. The German scheme is scheduled to run from January 1, 2026, to December 31, 2028. Companies can apply for the aid payments after the end of each year, provided that the electricity consumption and the average wholesale market price are known. In addition to Germany, the European Commission has also approved similar forms of aid for Slovenia and Bulgaria.
EU GREENLIGHTS GERMAN INDUSTRY POWER WITH CHEAPER ELECTRICITY
