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Jul 11, 2017

EU supports Hungary's renewable energy scheme

"The Hungarian support scheme will increase the share of green energy in Hungary's energy mix, whilst preserving competition in the electricity market," European Competition Commissioner Margrethe Vestager said

The European Union has approved a Hungarian support scheme for renewable electricity worth up to 45 billion HUF (166.3 million USD) yearly, it has been announced.

According to Reuters, EU competition enforces say the scheme complies with the bloc's state aid and energy goals.

Official papers outline that the state aid consists of a feed-in tariff limited to installations below 500 kilowatt or a price premium for those above that level.

Hungary also pledged to partially open up the scheme to foreign producers this year, reports suggest.

"The Hungarian support scheme will increase the share of green energy in Hungary's energy mix, whilst preserving competition in the electricity market," European Competition Commissioner Margrethe Vestager said.