State Aid Law Blog

State Aid Uncovered Blog

In Lexxion’s State Aid Uncovered blog, Prof. Phedon Nicolaides publishes weekly critical analyses of recent State aid judgments and decisions. Each post presents the key points of a court judgment or EU Commission decision, places it in the context of similar case law or practice, assesses the underlying reasoning and highlights any inconsistencies or contradictions.

Guest contributions from other State aid experts will also be published on the blog at irregular intervals to complement the content of the blog posts.

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Guest State Aid Blog ×

17. March 2026  |   State Aid Uncovered by Phedon Nicolaides

The Discount Rate Applied to State Aid and Eligible Costs of Regional Investment Projects
State Aid Blogs - State Aid Uncovered photos 2026 03 17T091403.447
The discount rate for calculating the present value of state aid granted in tranches is the reference rate; i.e. base rate plus 100 bp. The discount rate for calculating the present value of an investment project is the weighted average cost of capital of the investor. Introduction When state aid is granted in instalments, the amount of future tranches has […]
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20. August 2024  |   State Aid Uncovered by Phedon Nicolaides

Incentive Effect of State Aid to a Large Investment Project
State Aid Blogs - State Aid Uncovered photos 7
Introduction The Commission pays particular attention to the incentive effect of aid to large projects that are undertaken by international companies which, by definition, are mobile and can choose from many different locations where to establish their operations. Not only must the aid recipient prove, on the basis of credible evidence, that without the aid the investment would not be […]
read more
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13. August 2024  |   State Aid Uncovered by Phedon Nicolaides

A Large Investment Project that is Partly Funded Directly by the EU
State Aid Blogs - State Aid Uncovered photos 6
Introduction In July 2024, the Commission published its decision on State aid measure SA.104269 concerning a large investment project [LIP] undertaken by 3Sun in Italy. 3Sun is a subsidiary of Enel, the Italian energy company that is also one of the largest energy companies in Europe. The project would take place in Catania, a city in the NUTS 2 region […]
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22. August 2023  |   by Phedon Nicolaides

A Large Investment Project (Part II)
State Aid Blogs - Untitled design 23
Introduction According to the latest edition of the State aid Scoreboard, in 2021, Member States granted EUR 14 billion of aid to support regional development. That amount corresponded to about 10% of the total non-crisis aid. What is perhaps more interesting is that close to EUR 12.5 billion or 90% of the total regional aid was granted on the basis […]
read more
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14. August 2023  |   State Aid Uncovered by Phedon Nicolaides

A Large Investment Project (Part I)
State Aid Blogs - Untitled design 22
Introduction According to the latest edition of the State aid Scoreboard, in 2021, Member States granted EUR 14 billion of aid to support regional development. That amount corresponded to about 10% of the total non-crisis aid. What is perhaps more interesting is that close to EUR 12.5 billion or 90% of the total regional aid was granted on the basis […]
read more
No Comments

Guest State Aid Blog ×

17. March 2026  |   State Aid Uncovered by Phedon Nicolaides

The Discount Rate Applied to State Aid and Eligible Costs of Regional Investment Projects
State Aid Blogs - State Aid Uncovered photos 2026 03 17T091403.447
The discount rate for calculating the present value of state aid granted in tranches is the reference rate; i.e. base rate plus 100 bp. The discount rate for calculating the present value of an investment project is the weighted average cost of capital of the investor. Introduction When state aid is granted in instalments, the amount of future tranches has […]
read more
No Comments
20. August 2024  |   State Aid Uncovered by Phedon Nicolaides

Incentive Effect of State Aid to a Large Investment Project
State Aid Blogs - State Aid Uncovered photos 7
Introduction The Commission pays particular attention to the incentive effect of aid to large projects that are undertaken by international companies which, by definition, are mobile and can choose from many different locations where to establish their operations. Not only must the aid recipient prove, on the basis of credible evidence, that without the aid the investment would not be […]
read more
No Comments
13. August 2024  |   State Aid Uncovered by Phedon Nicolaides

A Large Investment Project that is Partly Funded Directly by the EU
State Aid Blogs - State Aid Uncovered photos 6
Introduction In July 2024, the Commission published its decision on State aid measure SA.104269 concerning a large investment project [LIP] undertaken by 3Sun in Italy. 3Sun is a subsidiary of Enel, the Italian energy company that is also one of the largest energy companies in Europe. The project would take place in Catania, a city in the NUTS 2 region […]
read more
No Comments
22. August 2023  |   by Phedon Nicolaides

A Large Investment Project (Part II)
State Aid Blogs - Untitled design 23
Introduction According to the latest edition of the State aid Scoreboard, in 2021, Member States granted EUR 14 billion of aid to support regional development. That amount corresponded to about 10% of the total non-crisis aid. What is perhaps more interesting is that close to EUR 12.5 billion or 90% of the total regional aid was granted on the basis […]
read more
No Comments
14. August 2023  |   State Aid Uncovered by Phedon Nicolaides

A Large Investment Project (Part I)
State Aid Blogs - Untitled design 22
Introduction According to the latest edition of the State aid Scoreboard, in 2021, Member States granted EUR 14 billion of aid to support regional development. That amount corresponded to about 10% of the total non-crisis aid. What is perhaps more interesting is that close to EUR 12.5 billion or 90% of the total regional aid was granted on the basis […]
read more
No Comments

Guest State Aid Blog ×

17. March 2026  |   State Aid Uncovered by Phedon Nicolaides

The Discount Rate Applied to State Aid and Eligible Costs of Regional Investment Projects
State Aid Blogs - State Aid Uncovered photos 2026 03 17T091403.447
The discount rate for calculating the present value of state aid granted in tranches is the reference rate; i.e. base rate plus 100 bp. The discount rate for calculating the present value of an investment project is the weighted average cost of capital of the investor. Introduction When state aid is granted in instalments, the amount of future tranches has […]
read more
No Comments
20. August 2024  |   State Aid Uncovered by Phedon Nicolaides

Incentive Effect of State Aid to a Large Investment Project
State Aid Blogs - State Aid Uncovered photos 7
Introduction The Commission pays particular attention to the incentive effect of aid to large projects that are undertaken by international companies which, by definition, are mobile and can choose from many different locations where to establish their operations. Not only must the aid recipient prove, on the basis of credible evidence, that without the aid the investment would not be […]
read more
No Comments
13. August 2024  |   State Aid Uncovered by Phedon Nicolaides

A Large Investment Project that is Partly Funded Directly by the EU
State Aid Blogs - State Aid Uncovered photos 6
Introduction In July 2024, the Commission published its decision on State aid measure SA.104269 concerning a large investment project [LIP] undertaken by 3Sun in Italy. 3Sun is a subsidiary of Enel, the Italian energy company that is also one of the largest energy companies in Europe. The project would take place in Catania, a city in the NUTS 2 region […]
read more
No Comments
22. August 2023  |   by Phedon Nicolaides

A Large Investment Project (Part II)
State Aid Blogs - Untitled design 23
Introduction According to the latest edition of the State aid Scoreboard, in 2021, Member States granted EUR 14 billion of aid to support regional development. That amount corresponded to about 10% of the total non-crisis aid. What is perhaps more interesting is that close to EUR 12.5 billion or 90% of the total regional aid was granted on the basis […]
read more
No Comments
14. August 2023  |   State Aid Uncovered by Phedon Nicolaides

A Large Investment Project (Part I)
State Aid Blogs - Untitled design 22
Introduction According to the latest edition of the State aid Scoreboard, in 2021, Member States granted EUR 14 billion of aid to support regional development. That amount corresponded to about 10% of the total non-crisis aid. What is perhaps more interesting is that close to EUR 12.5 billion or 90% of the total regional aid was granted on the basis […]
read more
No Comments

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