EUR 3 billion to support companies on the gas market. The European Commission approved the Polish programme

Poland has announced a EUR 3 billion support program for companies operating on the Polish gas market. The action will be available to small and medium-sized enterprises (SMEs) and large enterprises, in particular sellers and entities legally obliged to sell natural gas on the exchange market. Institutions or other financial institutions are excluded from the program – .

The European Commission approved the programme. EUR 3 billion for Polish companies

Credit institutions and other financial institutions are excluded from the scheme. Under this measure, the aid will take the form of preferential loans. The support will be provided and administered by Bank Gospodarstwa Krajowego (BGK).

The amount of individual aid will be equal to:

• 15 percent the average total annual turnover for the last three closed accounting periods or:
• 50 percent energy costs incurred in the 12 months preceding the submission of the aid application.

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When beneficiaries can justify that they operate in sectors particularly affected by the direct or indirect effects of the current crisis, the loan amount may be increased by:

• 12-month period for large enterprises that need to provide financial security for trading activities on energy markets in order to cover liquidity needs resulting from this activity;
• 6-month period for both SMEs and large enterprises to cover general liquidity needs.

The European Commission found that the Polish program complies with the conditions set out in the so-called temporary crisis framework. “The Commission has concluded that the scheme is necessary, appropriate and proportionate to remedy a serious disturbance in the economy of a Member State,” the release reads.