In a statement, the Ministry of Environment and Energy has said that the European Commission has authorised the Government to increase by 100 million euros the support for national companies that use electricity intensively in production processes.
“From now on, Portugal can use up to 275 million euros to partially reimburse electro-intensive industries for the costs incurred by the rise in electricity prices between 2021 and 2030.”
At stake is support aimed at industries in strategic sectors of the economy, such as metallurgical, chemical, and paper, explains the tutelage, stressing that these are particularly exposed to fluctuations in the price of electricity.”
The objective of this support is to”compensate the electro-intensive sector for the rise in electricity prices, as a result of the carbon costs in the European market for CO2 emissions.” The increase in the price of electricity results from the carbon costs in the European carbon dioxide (CO2) emissions market, under the EU Emissions Trading System.
“We are protecting national industries that are betting on the energy transition,” said the Minister of Environment and Energy, Maria da Graça Carvalho.
According to the Government, the offsets “are granted for the costs of indirect emissions incurred in the previous year and, if the requests are higher than the available budget, the amount is reduced proportionally for each beneficiary.”
Samantha Gannon
info at madeira-weekly.com
