EC approves Czech compensation scheme for high energy prices

EU

The European Commission has approved a EUR 1.4 billion Czech scheme to partially compensate energy-intensive companies for higher electricity prices, the commission said on its website on Wednesday, according to a report by Czech Radio.

The scheme, approved under EU state aid rules, will provide compensation for the energy price hike resulting from indirect emission costs under the EU Emission Trading System (ETS).

According to EC Executive Vice-President Margrethe Vestager, who is in charge of competition policy, the measure will allow Czech Republic to reduce the risk of carbon leakage for its energy-intensive industries while maintaining the incentives for a cost-effective decarbonization of its economy.

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