Germany Starts EUR 5bn Business Energy Cost Assistance Program
The German government will spend up to EUR 5 billion to help commercial enterprises deal in the short term with the rapid rise in expenditures for energy. The program is targeted at companies in energy-intensive sectors and makes use of the Temporary Crisis Framework (TCF) of the European Commission.
The program contains three levels.
- Businesses that can prove operational losses caused by rising energy princes can now apply for fifty percent of those losses up to EUR 25 million.
- Companies from 26 particularly hard-hut sectors, including chemicals, glass, steel, metal and ceramics can seek seventy percent up to EUR 50 million.
- Companies from sectors concerned without operational losses whose energy costs have at doubled can get 30 percent of the price difference up to EUR two million.
Companies benefiting from the program must agree not to pay managerial bonuses.