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EU OKs 3 bln euro Romanian renewable energy aid scheme

Mar 7, 2024, 12:30:37 PMArticle by Razvan Timpescu
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March 7 (SeeNews) - The European Commission said it has approved a 3 billion euro ($3.27 billion) Romanian state aid scheme to support onshore wind and solar photovoltaic installations.

EU OKs 3 bln euro Romanian renewable energy aid scheme
Photographer: Bogdan Hoyaux. Source: EC - Audiovisual Service.

The scheme, approved under the State aid Temporary Crisis and Transition Framework, aims to accelerate the green transition by providing aid through competitive bidding procedures until December 2025, with measures in place to prevent undue distortions of competition, the Commission said on Wednesday.

Additionally, aid recipients will enter into two-way contracts for difference. Under such a contract, recipients will receive payments if electricity prices fall below a set price. But if prices rise above that level, they must repay the excess to the Romanian authorities.

The Commission approved the scheme under the Temporary Crisis and Transition Framework, which allows EU member states to provide aid to key sectors to accelerate the green transition and reduce reliance on fossil fuels.

($=0.917219 euro)

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