The European Commission has approved a €405 million Greek state aid scheme that will cut electricity levies for energy-intensive companies.
The scheme replaces a similar measure approved in December 2018 and applies retroactively from 1 January 2024, running until 31 December 2026, the Commission reported on Monday.
It is open to companies in specific electricity-intensive, trade-exposed sectors listed in the EU’s 2022 climate, environmental protection and energy state aid guidelines — known as CEEAG.
Eligible firms will receive a reduction in electricity levies of between 75% and 85%, depending on their exposure to risk.
The reduction cannot bring the levy below 0.5 euros per megawatt hour (€/MWh), a unit used to measure electricity consumption.
Conditions attached to the levy cuts
Companies receiving the support must meet at least one of three requirements: implement certain recommendations from an energy audit; invest at least 50% of the aid in projects that substantially reduce greenhouse gas emissions at the installation; or cover at least 30% of their electricity consumption with carbon-free sources, the Commission said.
The scheme also includes transitional rules to gradually phase out levy reductions for energy-intensive companies that benefitted under the earlier programme but no longer qualify under the new one.
A non-confidential version of the decision will be published in the Commission’s state aid register under case number SA.120842 once confidentiality issues have been resolved.
