The European Commission has approved $447 million in support for Czech electricity generation from high-efficiency heat and power plants to help meet the European Union's energy and climate change goals.
The support plan runs through the end of 2020. The money comes from charges on customers' electric bills and contributions from the Czech Republic state budget.
Operators of combined heat and power plants will receive a fixed amount of funding above the market price of electricity. The extra premium will be updated every year to ensure the state's cost is minimal. High-efficiency combined heat and electricity generation boosts energy efficiency while cutting carbon dioxide emissions.
The commission has also backed plans to support hydropower, biogas and renewable energy production.
European Commission supports funding for efficient electricity plants