Friday, September 17, 2010

Finland approves alternative energy subsidy

The Finnish government has endorsed a bill that guarantees a minimum price for producers of electricity using alternative sources. Under the system, producers of electricity using wind, biogas and wood fuel get a state subsidy that makes up the difference between the guaranteed price and the lower market price.

The law which is to take effect next year, will be in force for 12 years. The plan is expected to cost 55.35 million euros next year. The bill is set to go before Parliament and the state subsidies also require approval of the European Commission. Both parliamentary and EU approval is expected shortly.

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