The European Commission has approved a €2bn guarantee scheme to support energy-consuming companies in France during the Ukraine crisis.
The scheme was approved under EU State aid rules, based on Article 107(3)(b) of the Treaty on the Functioning of the European Union, recognising that the EU economy is experiencing a serious disturbance.
Margrethe Vestager, Executive Vice President in charge of competition policy, said, “With this €2bn scheme, France will ensure that the energy-consuming companies can still meet the collateral requirements of their energy supply contracts, allowing them to continue their activities in the context of the current geopolitical crisis.”
These companies are currently facing an increasing level of collateral requirements in light of the rise of the costs of electricity and natural gas. The scheme will be administered by the Caisse Centrale de Réassurance, the state-owned French public reinsurer.
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