The European Commission announced, on Wednesday 21 June, that it had approved a €1.1 billion (approximately HUF 436 billion) Hungarian scheme to support investment in energy storage in order to facilitate the integration of high-capacity renewable energy sources into the Hungarian electricity system.
The scheme is aimed at companies in the Hungarian energy sector, with the exception of financial institutions, and covers all storage technologies. The measure will also be open to cross-border participation, subject to certain conditions.
The aid will be paid to companies selected by a bidding process. On the one hand, during the construction phase of storage facility projects, it will be provided in the form of an investment grant financed partly by the Recovery and Resilience Facility (RRF) and partly by the EU Modernisation Fund.
On the other hand, during the first ten years of the projects' operational phase, support financed by a levy will be provided to companies on an annual basis in the form of a two-way Contract for Difference (CfD).
The aid must be provided before 31 December 2025. In addition, the grant contracts for the selected projects should be awarded before the end of 2024.
Finally, the storage facilities must be built and commissioned within 36 months of the contract being signed. (Original version in French by Émilie Vanderhulst)