Germany Gets OK for €3.8 Billion Power-Cost Support for Industry

Germany can proceed with plans to cut energy costs for heavy industry by €3.8 billion ($4.5 billion) — about €800 million more than expected in November — after the European Union approved temporary power-price aid.

The measure, on the condition that the reduced electricity price is at least €50 a megawatt hour, is effective from January this year through the end of 2028, the European Commission said in a statement on Thursday. Companies can apply for aid payments after the end of each year, when consumption and the average wholesale power market price are known.