Hungary and the Czech Republic on Wednesday won approval from the European Union regulators for their plans to modernize their electricity sector, which involves the allocation of carbon-emission-trading allowances free of charge.
Hungary
and the
Czech
Republic
on Wednesday won approval from the European Union regulators for their
plans to modernize their electricity sector, which involves the allocation of
carbon-emission-trading allowances free of charge.
The funds amount to 1.88 billion euros ($2.48 billion) for the
Czech Republic
and EUR56 million for
Hungary
and
will be used to modernize production infrastructure, diversify the energy mix
or build new installations. The European Commission said the funds were in line
with EU state aid rules.
"The investments foreseen in the Czech and Hungarian plans will allow both
member states to diversify their sources for the production of electricity and
to contribute to the expansion of national energy markets," Joaquin Almunia,
Competition Commissioner said in a statement. "At the same time, the
schemes contribute to reaching
Europe
's 2020 objectives by reducing greenhouse gas emissions."
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