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EU transfers EUR 72 million to Albania as part of Energy Support Package
The European Union has transferred EUR 72 million to the Government of Albania as part of EU support to cope with the socio-economic consequences of the energy crisis. The funds are part of the Energy Support Package announced at the Western Balkans Summit in Tirana in 2022 and signed with the Government in March 2023 under IPA Annual Action Plan 2023.
The package supports the Government in applying measures to protect consumers in Albania from the impact of the energy crisis.
These Government measures include: Subsidising energy prices (possibly below a certain monthly threshold of consumption) for households and small and medium enterprises in Albania to provide similar rates as before the energy crisis (estimated 1 million households and 168,000 SMEs covered); and providing financial aid to 11,200 vulnerable persons.
In addition, the package supports Government efforts to diversify energy sources through new wind and solar investments, new renewable energy legislation in line with EU standards, and support schemes for consumers to install solar energy water heaters.
These funds are grants that do not need to be repaid by Albania. A further EUR 8 million will be transferred in 2024 pending progress in implementing the relevant Government measures.
Other EU support to the energy sector in Albania includes the revitalisation of the Fierza hydro power plant, the installation of a floating solar array in Vau i Dejes, as well as support to energy efficiency measures in business via IPARD.
Source: EU Delegation Albania
Photo credits: EU Delegation Albania
