EU funding for Portugal to decarbonise energy-intensive industries

The European Commission has approved a €612m Portuguese scheme to lower electricity levy rates for energy-intensive companies.

The scheme, running until 22 April 2035, intends to prevent companies from relocating to countries outside the EU “with less ambitious climate policies,” according to a statement.

The measure aims to support companies, such as industrial gas suppliers, that rely heavily on electricity and are particularly exposed to international trade.

Teresa Ribera, Executive Vice-President for Clean, Just and Competitive Transition, said, “The scheme maintains incentives for an effective decarbonisation of the Portuguese economy … and strengthens the competitiveness of the supported companies, in line with the [EU’s] Clean Industrial Deal objectives.”