EU regulators approve power backup schemes

European Union state aid regulators on Wednesday approved power backup schemes in Greece, Germany, France and three other EU countries, saying that these would ensure security supply in the event of blackouts.

The European Commission said the electricity capacity mechanisms comply with the bloc's rules aimed at ensuring a level playing field.

"Capacity mechanisms can help safeguard security of electricity supply, but they must be designed so as to avoid distortions of competition in energy markets," European Competition Commissioner Margrethe Vestager said in a statement.

The Commission said the schemes in France and Greece pay users to reduce their power consumption in hours when electricity is scarce.

[Reuters]