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EU approves €47 mln aid to RWE's Hungarian unit for electricity plant revamp

Green Energy

The European Union approved Hungary's proposal to give German energy producer RWE AG tax breaks worth €47 million ($64.7 million) to upgrade its Mátrai Erőmű Zrt electricity plant in Heves, Hungary.

“The investment project of Mátrai Erőmű Zrt will provide a significant contribution to regional development and job creation in Hungary, improve competition on the liberalized electricity market and replace an old power plant with a more environment-friendly one,” competition commissioner Neelie Kroes said in a statement.

The company plans to replace old generating units at the plant. The project will create 80 new jobs and preserve 200 that would otherwise be lost from the units to be closed. The total cost of the investment project is around €669 mln ($922 million)

Mátrai Erőmű Zrt is jointly owned by Germany's RWE AG, Energie Baden-Wuerttemberg and Hungarian Power Companies Ltd (MVM). (forextv.com)

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