The European Commission has greenlit a massive 17.7 billion euros ($19.4 billion) Italian state aid scheme.
This funding is dedicated to developing a centralized system for storing electricity generated from renewable sources.
The scheme includes annual payments to electricity storage developers. It’s designed better to integrate renewable energy into Italy’s electricity system. This system will store excess electricity during high wind or sunshine periods. It will then be used when energy is scarce, reducing reliance on fossil fuel plants.
The Commission believes this plan is essential and suitable for accelerating electricity storage investments. It’s seen as a critical step towards achieving climate goals.
The Commission also noted that the scheme’s benefits in meeting these goals would surpass any potential competition distortions.
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