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EC Endorses REPowerEU Chapter of Hungary RRF Plan

EU

The European Commission on Thursday endorsed the REPowerEU chapter of Hungary's modified Recovery and Resilience Facility (RRF) plan, according to a report by state news wire MTI.

REPowerEU is the European Union's scheme to save energy, generate clean energy, and diversify energy supplies.

Hungary's REPowerEU chapter, worth EUR 4.6 bln, includes measures to strengthen and modernize the electricity sector, accelerate the deployment and use of renewable energy, improve energy efficiency, promote sustainable transport, upskill and reskill the workforce for the green transition, decarbonize industry and invest in green technologies and value chains linked to the green transition, the EC said.

Hungary also proposed changes to 19 measures in its original RRF plan, adding investments in the areas of circular economy, sustainable transport and energy to be financed by scaling back other measures, the EC said. The proposed changes are based on the need to factor in the impact of high inflation and supply chain disruptions as well as Hungary's request for EUR 3.9 bln of RRF loans and EUR 0.7 bln in REPowerEU grants, it added.

Hungary's modified RRF plan is worth EUR 10.4 bln, including EUR 5.8 bln of RRF grants EUR 3.9 bln of RRF loans, and EUR 0.7 bln of REPowerEU grants.

The EC noted that no disbursement following a payment request under the RRF was possible until Hungary had satisfactorily implemented 27 "super milestones" to ensure the protection of the EU's financial interests and to strengthen judicial independence.

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