Last updated: October 26, 2022, 11:51 PM IST
EU regulators are considering expanding more easily state aid rules that would allow governments to support companies affected by the war in Ukraine until the end of 2023, and with larger amounts allowed, competition chief Margrethe Vestager said Wednesday.
The more flexible rules were introduced in March and then revised in July.
The European Commission is asking EU countries for feedback on the level of government guarantees they can provide to energy companies to cover the financial collateral for their trading activities to offset high market prices and volatility.
Governments are also being asked how the rules can be made more flexible, so that they can support companies with high energy bills faster and more effectively.
“One of the things we are discussing is a full-year extension until December 31, 2023. We are also discussing larger aid amounts,” Vestager said at a hearing in the European Parliament.
She said the Commission has so far given the green light for several billion euros in state aid.
“Based on the rules we already have, we have taken 114 decisions, i.e. on October 17, and we have adopted 133 national measures notified by 25 Member States. The budgets that we have approved are approximately EUR 455 billion,” said Vestager.
She said the Commission could expand the scope of the types of companies eligible for state aid.
Read all Latest news here