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British CO2 price floor compensation plan in line with EU rules
May 21, 2014 / 9:56 AM / 4 years ago

British CO2 price floor compensation plan in line with EU rules

May 21 (Reuters) - A British plan to compensate certain energy-intensive industries for higher energy costs resulting from its carbon price floor is in line with EU state aid rules, the European Commission said on Wednesday.

Britain’s carbon price floor, which was raised to 9.55 pounds ($16.09) per tonne of carbon dioxide in April, is effectively a tax on companies’ use of fossil fuels and is aimed at reducing greenhouse gas emissions.

In a statement, the Commission said the measure “would further EU energy objectives without unduly distorting competition” in the market.

$1 = 0.5935 British Pounds Reporting by Michael Szabo in London; editing by Jane Baird

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