Energy intensive industries will receive temporary electricity price relief under new EU state aid rules due to be announced on Wednesday, a European Commission draft showed.
“Until the decarbonisation of the Union’s electricity system fully translates into lower electricity prices, industries within the Union will continue to face higher costs compared to competitors in jurisdictions with less ambitious climate policies,” the draft seen by Reuters said.

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Companies can benefit from electricity price relief for up to 3 years but not beyond Dec. 31, 2030.

The relief will not cover more than half of the yearly average wholesale price and not more than 50% of the company’s annual electricity consumption, the document showed.
Source: Reuters (Reporting by Julia Payne and Foo Yun Chee)