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Green light for Ecofin to adopt the Council’s position on RePower. “The aim is to strengthen the strategic autonomy of the Union diversifying energy supplies and increasing the independence and security of the Union’s energy supply. In practical terms, the proposal aims to add a new RePowerUe chapter to the national recovery and resilience plans of EU member states under the EU Next Generation, in order to finance key investments and reforms that will help achieve the RePowerUe objectives. “, announces the EU Council.
In terms of funding sources, Ecofin opted “for a combination of sources: the Innovation Fund (75%) and the ETS frontloading (25%). The Council’s objective is to do not interrupt the functioning of the ETS system of the EUwhile ensuring a credible revenue stream. The Council modifies the allocation criterion by introducing a formula that takes into account the cohesion policy, the dependence of member states on fossil fuels and the increase in investment prices “, reads the note on the agreement reached in Luxembourg.
“In its position, the Council limits the obligation for member states to submit the REPowerUe chapter only to cases where they wish to apply for additional recovery funding in the form of loans, non-repayable support from new revenue or new resources transferred from programs. of shared management and therefore no updates to the increase of the maximum financial contribution. Furthermore, the Council allows to include in the specific RePowerUe chapter the measures of the Council implementing decision that are no longer feasible in the event of a downward update of the contribution of June 2022 In addition, the Council clarifies that member states will be able to apply for the support of a loan until 31 August 2023 “, reads again.
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