EC approves EUR 142m in state aid to Bulgarian gas suppliers
Date: July 12th 2024
Author: Dalibor Dobrić
Category: En.vision
Topic:
Natural gas
The European Commission (EC) has approved a EUR 142m Bulgarian scheme to compensate gas suppliers for some of the losses they suffered as a result of having to store high-priced gas in 2022 and later sell it at lower prices.
The companies were obliged to store the gas in the Chiren underground facility to help Bulgaria reach its 80% filling targets before the start of the heating season in November 2022, in accordance with the country’s gas security of supply regulation. They were later allowed to sell the gas, but by then the market price was much lower.The aid is capped at EUR 76.7/MWh , and only half of the stored gas can be taken into account in calculating the final amount to which suppliers are entitled. The deadline for applications is 31 December 2024, the EC said in a press release.
The EC found that the scheme is necessary and an appropriate way to increase security of gas supply and remedy a serious market disturbance. It also concluded that the aid provided by the scheme is proportionate as it is limited to the minimum necessary, and will have a limited impact on competition and trade in the EU.
To share content on social media, you must agree to cookies (bottom left)
