By Pierre Bertrand

The European Commission has approved Germany's plan to compensate RWE for phasing-out its lignite-fired power plants in Germany.

The executive arm of the European Union said Monday that Germany's 2.6 billion euros ($2.80 billion) in aid to RWE was in-line with EU state aid rules.

The funds relate to the early closure of RWE's lignite-fired power plant installations in the Rhineland, the commission's statement said, adding that its decision follows an in-depth investigation.

The decision, however, doesn't include Germany's other EUR1.75 billion in planned aid for Lausitz Energie Kraftwerke to support the closure of its lignite-fired power installations in Lausitz, the commission said.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

December 11, 2023 06:37 ET (11:37 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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