In accordance with the legislation designed to assist member nations, the European Commission accepted a plan proposed by Finland on Friday worth 10 billion euros to assist the electrical industry and businesses impacted by the armed situation between Russia and Ukraine.
The 10 billion euro plan approved today will assist Finland in supporting affected sectors and companies, especially small ones, by ensuring that adequate liquidity is maintained, while we continue to monitor the situation. Russian military operations continue to negatively impact the European Union and the Finnish economy, Margrethe Vestager, Executive Vice President of the Commission, in charge of competition policy, said in a statement.
Finland has informed the Commission of its plan to assist electricity producers, particularly in light of the sharp increases in electricity prices brought on by the current geopolitical crisis and associated counter-sanctions. The procedure will be open to businesses with at least 100 megawatts of electricity production capacity as well as other producers with a capacity of at least 100 megawatts. In the electrical market, regional or critical relevance
The statement said, “Under this system, qualifying recipients are entitled to restricted amounts of assistance in the form of loans directly from the Ministry of Finance, which will be calculated in accordance with the wholesale power market price.
A Finnish proposal to subsidise power with 10 billion euros is approved by the European Commission.
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