An “energy” guarantee fund has just been set up to enable companies that consume large amount of gas and electricity to ask banks, insurance companies or finance companies to benefit from guarantees partially guaranteed by the State for their energy supply contracts, instead of the guarantees requested by energy suppliers.
Requirements
The guarantee fund is intended for energy-intensive companies, i.e., those for which the energy supply reaches very high levels in relation to their turnover.
To be eligible for the scheme, the guarantee taken out by the company must meet the following conditions:
- it must be taken out by the company at the request of a supplier under a gas or electricity supply contract signed after August 31, 2022, relating, in whole or in part, to the year 2023 and whose term may be after 2023 but not exceeding December 31, 2024.
- it must be limited to an amount less than or equal to the sums due for three months’ supply of gas or electricity, as defined by the gas or electricity supply contract.
- it must be granted to companies registered in France with energy supply contracts representing a volume of more than 1 GWh per year for electricity or 2 GWh per year for gas.
- it must be concluded with a bank, an insurer or a finance company that has signed an implementation agreement with the CCR
Purpose of the guarantee fund
According to the government, the purpose of the “energy” guarantee fund is to contribute “to reducing the liquidity problems of companies by creating the conditions for the development of a guarantee market” to replace the guarantees (liquidity deposits) requested by suppliers when signing or renewing electricity and gas supply contracts.
Thus, this scheme should facilitate the access of energy-intensive companies to a gas and electricity supply contract insofar as it reduces the risk of non-payment for the supplier.
Level of the guarantee
The scheme offers a 90% public guarantee on guarantees granted by a bank, an insurance, or an eligible finance company.
How do I request the guarantee?
Companies wishing to benefit from the “energy” guarantee must apply to a bank, a finance company or an insurance company that has signed an agreement with the guarantee fund, managed by the CCR on behalf of the State.
The list of these financial institutions will be kept and updated on the website of the Ministry of Economy and Finance.
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Crédits photo : Tim Platt Photography