Germany extends aid package for energy-intensive firms

Pipes at the landfall facilities of the 'Nord Stream 1' gas pipline in Lubmin
Pipes at the landfall facilities of the 'Nord Stream 1' gas pipeline are pictured in Lubmin, Germany, March 8, 2022. REUTERS/Hannibal Hanschke

BERLIN, Aug 27 (Reuters) - Germany economy ministry said on Saturday it was extending the deadline of a 5 billion euro ($4.98 billion) aid package for energy-intensive companies and was refining details of the programme intended to help firms cope with soaring power costs.

Companies can apply until the end of September for subsidies of up to 50 million euros for their increased natural gas and electricity cost, the ministry said. The previous deadline was the end of August.

It said Germany was working with the European Commission on extending the programme period.

More than 200 firms, mostly medium-sized, companies have sent some 1,000 applications since the programme started in mid-July, the ministry said, adding that the first funding tranche was paid out in early August.

($1 = 1.0039 euros)

Reporting by Christian Kraemer Riham Alkousaa; Editing by Edmund Blair

Our Standards: The Thomson Reuters Trust Principles.