Greece safeguards EUR341m to support storage projects

• EC has actually accepted measure that will certainly be partly moneyed by the Recovery and Resilience Facility

The European Commission has actually authorized, under EU State aid rules, a Greek measure with an estimated budget of EUR341m to support the building and construction and also operation of power storage plants.

The measure will certainly be partially moneyed by the Recovery and also Resilience Facility (RRF), following the Commission's positive analysis of the Greek Recovery as well as Resilience Strategy as well as its adoption by the Council.

The measure aims at enabling a smooth assimilation in the Greek electrical power system of an increasing share of renewable energy originating from wind as well as solar resources. The scheme will certainly additionally add to the EU's critical objectives relating to the EU Green Deal.

Executive Vice-President Margrethe Vestager, in charge of competitors policy, claimed: "Increasing available electrical power storage space capacity in the system is essential to make grids much more flexible and also better gotten ready for a future in which renewables develop the foundation of the decarbonised electrical power mix.

" The Greek aid measure we have authorized today, which will certainly be partially moneyed by the Recovery and Resilience Facility, will add to the growth of open markets for electrical power system solutions, while assisting Greece satisfy its emission reduction targets."

The scheme alerted by Greece will promote the establishment of several electricity storage space facilities, with a joint capacity of as much as 900MW, attached to the high-voltage network.

The projects will certainly be selected with a transparent as well as non-discriminatory bidding process.

The award of the agreements to the selected projects must occur prior to completion of 2023 and also the storage space facilities need to be finished by the end of 2025.

The aid will be approved, cumulatively, in the form of an investment give, which will certainly be paid throughout the building phase of all supported projects and also an annual support to be paid during the procedures phase of the projects, for a 10-year period.

The total amount of annual assistance per recipient will be identified in an affordable tender and also readjusted with a claw-back mechanism in case the project has excess market profits from its engagement to the marketplace throughout the procedures phase.