EU approves €47 mln aid to RWE's Hungarian unit for electricity plant revamp
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)
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.