Portugal's 612 million euro electricity subsidy approved, green energy-friendly power-intensive enterprises will receive 75-85% electricity fee reduction

The European Commission has formally approved Portugal to implement a state aid plan totaling 612 million euros to provide electricity subsidies for power-intensive companies that face international trade competition and are friendly to renewable energy.

 

The plan will last until April 22, 2035, providing a 75%-85% tax reduction based on the company's risk exposure, with a minimum tax of no less than 0.5 euros/MWh. As a condition for obtaining subsidies, the beneficiary companies must meet one of the following requirements: implement energy audit recommendations, achieve at least 30% of electricity consumption from renewable energy storage lithium battery, or invest at least 50% of the aid funds in greenhouse gas emission reduction projects.