File Photo. [Intime News]
The government announced on Monday a €700 million support scheme to reduce energy costs for 23,000 small and large industrial enterprises.
The program was announced by Environment and Energy Minister Stavros Papastavrou, Minister for Development Takis Theodorikakos and Deputy Minister for the Environment and Energy Nikos Tsafos.
It provides for the following: An immediate reduction in energy costs for the industry amounting to €100 million per year for the next five years, delivered through increased compensation for pollution costs and a 50% reduction in public utility charges; a measure relating to pollution costs that will provide an additional €75 million per year and is aimed at approximately 40-50 energy-intensive industries; and a 50% reduction in utility charges that will apply to all industries in the low-, medium-, and high-voltage categories, at an estimated annual cost of €26 million, and will take effect on July 1. Investments in green initiatives, funded through the Modernization Fund for Strategic Investments, will total €200 million.
The fund will support investments in electrification, energy management systems, energy storage, and heat-recovery technologies, which are expected to deliver energy savings of at least 10%.