EU Asks Germany to Add Backstop to €1.8 Billion Coal Exit Payout
- EU has approved €1.2 billion payment to LEAG to exit coal
- Remaining €550 million depends on profitability of operations
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The EU is asking Germany to add a profit-based backstop to a €1.75 billion ($1.9017) payout for the early shutdown of the operations of its second-largest coal miner.
A state payment of as much as €1.2 billion to an entity of Czech billionaire Daniel Kretinsky’s EPH Group AG has been preliminarily passed by the European Commission, Germany’s economy ministry said on Tuesday. The remainder of the payout will depend on how profitable the assets are in future.