The European Commission has approved, under EU state aid rules, a Greek measure to support the construction and operation of a hydroelectric storage facility, in Amfilochia, Greece. The measure will be partly funded by the Recovery and Resilience Mechanism (RRM), following the positive evaluation of the Greek recovery and resilience plan by the Commission and its approval by the Council.
The aid will take the form of an investment grant of EUR 250 million and annual support – financed by a levy imposed on electricity suppliers – to supplement market revenues, in order to achieve an acceptable rate of return on investment. The supported storage facility will have a capacity of 680 megawatts (MW) and will be connected directly to high voltage transmission lines.
By supporting the operation of existing renewable energy units, as well as by facilitating the creation of new ones, the project will contribute to the smooth and efficient transition of the Greek power generation system to clean renewable energy sources, in line with the goal of decoupling the European Green Agreement. The Commission has assessed the measure on the basis of EU State aid rules, in particular Article 107 (3) (c) of the Treaty on the Functioning of the European Union, which allows Member States to support the development of certain economic activities under certain conditions, as well as state aid guidelines in the fields of environment and energy.
The Commission considered that the aid was necessary and of an incentive nature, as the project could not have been carried out without public support. In addition, the measure is proportionate, as the level of aid corresponds to the actual financing needs and the necessary safeguards will be in place to limit the aid to a minimum (eg adjusting the annual support and the desired internal rate of return in the event of cost increases in construction). The Commission has also taken into account the inclusion of the project in the list of European projects of common interest in the field of energy. The Commission therefore concluded that the positive effects of the measure offset any possible distortion of competition and trade caused by support. On this basis, the Commission adopted the measure under EU State Aid Rules.
The Commission is prioritizing state aid measures included in the national recovery plans submitted under the MAA, as well as providing guidance and support to Member States during the preparatory phases of national plans to facilitate rapid implementation of the RRM.
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