The federal government has finalized its electricity price compensation law. The law, which has been planned for some time, compensates industrial companies for 75 percent of indirect CO2 costs with a total of 233 million euros. The law still needs to be passed by parliament and approved by the European Commission. Since the energy cost subsidy is also budgeted at 450 million euros, the receipt of both subsidies is excluded. However, the IV requires the ability to combine.
“Many companies in metal, chemistry, paper and plastic, among other things, have to obtain certificates in the European emissions trade. With the implementation of the SAG 2022, we will safeguard the jobs and competitiveness of these domestic companies and prevent companies from migrating to countries where no certificates are required, as is already the case in 15 other EU Member States, including Germany, France, Spain and Italy,” said Economy Minister Martin Kocher (ÖVP) in a media briefing.
Applications should be possible from autumn 2023
The Electricity Price Compensation Act (SAG) was revised – as part of an anti-inflation package – until mid-July 2022 and is intended for large international companies with more than one gigawatt-hour of electricity consumption per year that fall under the EU emission standards trading system ETS. The application must be possible from the autumn of 2023 and payment must be made through the aws development bank at the end of the year.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
