State aid: Commission approves €15 million Finnish guarantee scheme to support electricity-trading companies in the context of Russia’s war against Uk

The European Commission has approved a €15 million Finnish guarantee scheme to support electricity-trading companies in the Åland region in the context of Russia’s war against Ukraine. The scheme was approved under the State Aid Temporary Crisis Framework, adopted by the Commission on 23 March 2022 and amended on 20 July 2022 and on 28 October 2022, based on Article 107(3)(b) TFEU, recognising that the EU economy is experiencing a serious disturbance.

Under the scheme, the aid will take the form of State guarantees to electricity-trading companies in order to support their liquidity in view of the current volatility of market prices and high collateral requirements. The maximum guarantee amount per beneficiary will cover the liquidity needs from the moment of granting for (i) the coming 12 months for small and medium-sized companies, (ii) the coming 6 months for large companies, and (iii) the coming 12 months for large companies that need to provide financial collaterals for trading activities on energy markets.

The Commission found that the Finnish scheme is in line with the conditions set out in the Temporary Crisis Framework, concluding that it's necessary, appropriate and proportionate to remedy a serious disturbance in the economy of a EU country.