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EU authorizes possible $38 bln of renewables aids in Italy

The European Commission has authorized an Italian state help plan possibly worth 35.3 billion euros ($ 38 billion) over the next 20 years to support the increase of electrical power produced through sustainable sources, the EU said on Tuesday.

The aid will be financed through a levy consisted of in electrical power costs and paid by customers, the EU Commission stated, adding the plan will assist Italy to cut carbon emissions.

The aids, which will run until end 2028, will support the building of new plants operating on ingenious technologies, including geothermal energy, offshore wind power as well as on biogas and biomass.

The plants are expected to include a total of nearly 4.9 gigawatts (GW) of renewable electrical energy capability to the Italian electrical energy system.

Under the scheme, the help will take the kind of a two-way contract for distinction for each kilowatt-hour of electrical power produced and fed into the grid, and will be spent for a duration equivalent to the beneficial life of the plants, the EU stated in a. statement.

The tasks will be selected through a transparent and. non-discriminatory bidding procedure, where recipients will bid. on the reward tariff - the strike rate - required to carry out. each individual task.

Italy last year was the biggest importer of electricity in. Europe due to higher than average power expenses.