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EU Commission approves Italian aid for renewable electricity production
- a month ago (2024-12-19)
- David Flin
The European Commission has approved a €10 billion Italian scheme to support electricity production from renewable energy sources to help transition towards a net-zero economy. The scheme was approved under the State aid Temporary Crisis and Transition Framework (TCTF).
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The measure will support construction of new onshore wind, solar, hydropower, and sewage gas electricity generation plants. It is expected that these plants will add 17.65 GW of renewable electricity capacity. The installations must enter into operation within 36 months of the granting of the aid.
The aid will take the form of variable payment under two-way contract for difference for each kWh of electricity produced and fed into the grid. The incentive tariff will be paid over a period of 20 years.
Plants with capacity below 1 MW can access the scheme directly, and the Italian regulator will set the strike price, with the aid amount being determined by comparing the strike price with the market price.