Norske Skog: Proposed reduction of Norwegian CO2 compensation

The Norwegian National Budget for 2023 proposes a reduction of the CO2 compensation to Norwegian industry of approximately NOK 2.7 billion annually. Norske Skog expects a reduction in the CO2 compensation payment to be received from 2023 and onwards of approximately NOK 140 million annually.

Yesterday, 6 October 2022, the Norwegian government presented its National Budget proposal for 2023. The budget proposes to reduce the CO2 compensation to Norwegian industry. The CO2 compensation is an EU initiative, which can be implemented at the discretion of each individual member country, designed to mitigate the impact of high CO2 allowance (EUA) prices on electricity costs. The overall ambition is to avoid transfer of energy intensive industries to countries with less strict climate policies outside the EU, this has been termed Carbon Leakage.

The size of the CO2 compensation is, among other, based on electricity consumption and the average CO2 allowance price for the preceding year. Starting in 2023, the government has proposed to introduce a price floor whereby the industry will only receive compensation for the CO2 allowance price that exceeds NOK 200.
more at: https://www.norskeskog.com/investors/press-releases/english-press-releases/proposed-reduction-of-norwegian-co2-compensation?PID=4684&M=NewsV2&Action=1

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