ADVERTISEMENT

Gov't Announces HUF 58 bln in Energy Storage Investment Subsidies

Green Energy

The government will launch a HUF 58 billion subsidy scheme in June for electricity storage investments, the Ministry of Energy Affairs said on Wednesday, according to a report by state news wire MTI.

The subsidies, available to the transmission system operator and electricity distributors, aim to promote renewable energy sources dependent on the weather, the ministry said.

Applicants must pledge to complete their electricity storage investments by the summer of 2025.

The scheme aims to support the addition of 146 MWh of storage capacity to the grid by the end of May 2025, double the capacity under construction at present.

Decisions on applications for the support are expected to be taken in the summer.

Together with a separate program supporting electricity storage investments by other companies, funding available for such projects could add up to HUF 120 bln, the ministry noted.

Prospects of Hungarian Feed Industry Favorable This Year Crops

Prospects of Hungarian Feed Industry Favorable This Year

Hungary Opposes Freeing up Further EUR 6.5 bln From EPF Int’l Relations

Hungary Opposes Freeing up Further EUR 6.5 bln From EPF

Hungary Selects Astronaut, Backup for ISS Mission Science

Hungary Selects Astronaut, Backup for ISS Mission

New Textile Collection Celebrates Hungary's Furmint Grape Wi... Art

New Textile Collection Celebrates Hungary's Furmint Grape Wi...

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.