(Tiper Stock Exchange) – Green light from the European Commission, under EU state aid rules, a change to an existing Italian guarantee scheme, including a budget increase up to 3 billion euros, for reinsurance of natural gas and electricity trade credit risk in the context of Russia’s war against Ukraine.
This was announced by the European executive in a note explaining that the modified regime, according to the Commission, “will help manage the economic impact of the current crisis in Italy” and is “necessary, appropriate and proportionate to remedy a serious disturbance of the ‘economy”.
The original scheme had been approved by the Commission at the end of September. In particular, the changes to the existing scheme notified by Italy concern the increase of the overall budget up to €3 billion, an extension of the period in which aid can be granted until 31 December 2023; a longer deferment (36 months) for the payment of energy bills by customers; and the introduction of the possibility of opening the scheme also to companies with a maximum annual turnover of more than 50 million euros.
According to the Commission, which has acknowledged the “serious disruption” of the EU economy, the change is “compatible with the principles enshrined in the EU treaty” and “well aimed at remedying a serious disturbance in the Italian economy”
(Photo: © Andrii Yalanskyi | 123RF)