EC Clears Hungarian Electricity Storage Support Scheme
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The European Commission on Wednesday approved a EUR 1.1 billion Hungarian scheme to support electricity storage facilities, according to a report by state news wire MTI.
The scheme was approved under a temporary state aid framework to support measures to accelerate the green transition and reduce fuel dependencies in the context of Russia's war against Ukraine, the EC said.
The scheme will support the installation of at least 800 MW of new electricity storage facilities.
The aid will be granted through a competitive bidding process and be awarded before the end of 2025. Storage facilities will have to be completed and start operating within three years of the signing of the aid contracts.
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