Brussels authorises Spain to extend aid to industry due to the cost of electricity linked to_CO2

The European Commission has approved on Tuesday the modification of Spain’s aid scheme aimed at compensating energy-intensive industries for the increase in the price of electricity resulting from the European emissions trading system (ETS).
Specifically, the reform will allow these offsets to be extended to new sectors considered at risk of relocation, as well as raising from 75% to 80% the maximum indirect costs of emissions that can be covered for sectors already included.
These grants consist of the partial reimbursement of the additional costs borne by companies due to the impact of the price of CO2 on electricity generation, calculated based on energy efficiency criteria to encourage savings.
The scheme, initially approved in 2022, maintains its total budget of €8.51 billion and will allow compensation to be granted until 2031 for costs incurred the previous year.

Continue reading in Europa Press