European Commission Approves French Support for Natural Gas Storage

BRUSSELS (Reuters) — France's system of financial support for natural gas storage, set up in 2017 to shore up the country's energy supplies, complies with European Union state aid rules, the European Commission said on Monday.

"The mechanism complies with EU rules on state aid, since it strengthens the security and diversification of the energy supply without unduly distorting competition," the Commission said in a statement.

France introduced the auctioning system in 2017, which aims to ensure existing gas storage capacities continue to operate, by auctioning storage capacity and covering the storage operators' costs.

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