German energy-intensive firms may get up to 50 million eur in aid – document

BERLIN (Reuters) – Germany’s energy-intensive companies will be able to apply until the end of August for government aid of up to 50 million euros ($52.10 million) each to cope with soaring gas and power costs, an economy ministry document seen by Reuters on Monday showed.

The subsidies will be allocated according to the extent of the impact on the company of the surge in energy prices caused by a standoff between the West and Moscow after Russia’s invasion of Ukraine, the document said.

Germany’s government in April announced it planned to offer aid worth more than 100 billion euros in a “protective shield” for companies whose main concern was short-term liquidity.

For energy intensive industries, it said it planned a temporary cost subsidy and early in June, the economy ministry said it had earmarked 4 bln euros for that sector.

Their energy bills from February to September will be examined to determine how much aid they will receive, according to the document seen on Monday. The economy ministry did not immediately reply to request for comment.

($1 = 0.9597 euros)

(Reporting by Christian Kraemer and Markus Wacket; Writing by Sarah Marsh; editing by Barbara Lewis)