Budget 2023

New state aid scheme to provide electricity grants up to €500k for struggling firms

Firms who avail of the scheme must show that their operating profits have declined by at least 15% this year due to rising energy costs

Simon Coveney, Minister for Foreign Affairs: submitted state aid proposal to Europe last month. Picture: Fergal Phillips

The government is preparing a state aid scheme that will allow businesses to apply for direct grants of up to €500,000 to offset the soaring cost of electricity, the Business Post can reveal.

Under the terms of the emergency scheme, so-called “energy intensive” businesses of all sizes will be able to apply for government supports of a minimum of €20,000 up to a maximum of €500,000, provided they can show evidence that operating profits (Ebitda) ...