The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Denmark’s government will pay a subsidy totaling 1 billion kroner ($153 million) to some of the country’s poorest households in compensation for higher energy costs.
Under the Social Democrat minority cabinet’s deal with support from leftist parties, the Nordic country will pay the one-time subsidy to about 320,000 households with an annual income below 550,000 kroner to help pay the energy bill, the energy ministry said in a statement on Friday.
Denmark joins other nations in the region, including neighboring Norway and Sweden, to try lessen the impact of soaring power bills on households as Europe is gripped by an energy crisis, partly due to lower gas supplies from Russia.
While unusual in Denmark, the direct subsidy is “fair†given the unique situation, Energy Minister Dan Jorgensen told reporters in Copenhagen, adding many Danes have been hit hard.
The agreement, covering consumers with heating from natural gas, electric heaters or heating pumps, also includes subsidies to help phase out heating from gas boilers.
The right-wing parties left negotiations Thursday evening as they wanted the subsidies to be higher.