EU: € 250 million approved for hydroelectric storage facilities in Amfilochia

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THE European Commission approved Greek measure to support construction and operation hydroelectric storage facility in Dispute, in accordance with EU state aid rules.

The measure will be partly funded by the Recovery and Resilience Mechanism (RRF), following the Commission’s positive assessment of the Greek recovery and resilience plan 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 contribution to 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 MW and will be connected directly to high voltage transmission lines. By supporting the operation of existing renewable energy units as well as allowing the introduction of new ones, the project is expected to contribute to the smooth and efficient transition to clean renewable energy of the Greek electricity system.

The Commission has assessed the measure on the basis of EU State aid rules, in particular Article 107 (3) (f) 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. , and state aid guidelines for environmental and energy protection. The Commission found that the aid was necessary and justified, as the project would not have been possible without public support. In addition, the measure is proportionate, as the level of aid corresponds to the actual funding needs and the necessary safeguards will be applied to keep aid to a minimum. The Commission has also taken into account the inclusion of the project in the list of European projects of common interest in the energy sector. The Commission then concluded that the positive effects of the measure offset any possible distortion of competition and trade caused by support.

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