The EU gives 72 million euros to Albania, the funding is part of the Energy Support Package

The European Union has transferred 72 million euros to the Government of Albania as part of the support to cope with the socio-economic consequences of the energy crisis. These 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 within the framework of the IPA 2023 Annual Action Plan. This package supports the Government in the implementation of measures for the protection of consumers in Albania from the impact of the energy crisis. The above fund will be used to subsidize energy prices for households and small and medium-sized enterprises in Albania to provide similar rates as before the energy crisis of 2021. The subsidy is estimated to cover about 1 million households and 168,000 enterprises. small and medium. Also, it is intended to provide financial assistance to 11,200 people in need. In addition, this package supports the government's efforts to diversify energy sources with new investments in wind and solar energy production, new renewable energy legislation in line with EU standards and consumer support schemes to install solar water heaters. The EU ambassador in Albania, Christiane Hohmann, said that "last year the Russian aggression against Ukraine caused huge increases in energy prices all over the world. This EU support package will directly benefit all household electricity users and small and medium-sized enterprises in Albania, thus helping the Albanian government to keep electricity prices stable and to diversify sources. of energy. This is a concrete example that shows how the EU supports Albania and Albanians". These funds are grants that Albania will not have to return. In 2024, another 8 million euros will be transferred in anticipation of the progress that will be achieved with the implementation of the relevant measures by the government. Other EU support for Albania's energy sector includes the revitalization of the Fierza hydropower plant, the installation of a floating solar array in Vaun e Dejës, as well as supporting energy efficiency measures in business through the IPARD program. The European Union is Albania's strongest foreign partner, offering over 100 million euros a year in financial aid in the form of grants.