The European Commission has approved the revision of the Spanish recovery plan, which scraps the plan to introduce tolls on motorways.
The European Commission on Monday approved the revision of Spain’s recovery plan, which will allow the country to receive 83.2 billion euros in loans and another 10.3 billion euros in grants from the recovery fund if European Union states also give their approval.
This additional 93,500 million euros would be added to the 69,500 million that Spain had already allocated in grants under its original plan, of which it has so far received 37,000 million in three disbursements and an advance, and would increase the total to 163,000 million. which the country will receive until 2026.
Spain will be able to receive the first 1.4 billion euros in pre-financing, equivalent to 20% of the total planned amount for investments, once the 27 approve the decision presented by Brussels this Monday within a maximum of four weeks.
The new plan includes simplifying licensing procedures for renewable energy production and for electricity network infrastructure, as well as seven new ones investments in renewable energy and ecological transitionsuch as a system to support the production and adoption of renewable hydrogen or a subsidy system to support, among other things, the renewable energy value chain and energy storage.
In addition to the revision changes 52 measures of the original plan justified by ‘objective circumstances’ such as supply chain disruptions, Russia’s war against Ukraine and the lasting impact of Covid-19; The lack of demand and the increase in prices due to high inflation or unexpected legal or technical problems have led to changes in some elements or delays in implementation.
Among these changes are the abolition of the plan to introduce the payment of tolls on highways from 2024, which has been replaced by the promotion of rail transport to reduce greenhouse gas emissions. Therefore, Brussels considers that it “maintains the level of ambition” of the previous measure and responds to the specific recommendation for Spain in this area.
Source: EITB
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