EU invests over €1 B in energy infrastructure
EU, Brussels: EU countries have agreed on a Commission proposal to invest $1.16 B (€1.037 B) in 5 cross-border infrastructure projects.
Image source: European Commission
EU, Brussels: EU countries have agreed on a Commission proposal to invest $1.16 B (€1.037 B) in 5 cross-border infrastructure projects.
The Connecting Europe Facility (CEF) for trans-European energy networks will provide financial support to 4 construction projects and 1 study. The largest amount of funding will go to the EuroAsia interconnector project (€ 657 million) to support the first electricity interconnection between Cyprus and the European grid.
“Recent months have reminded us again how crucial a well-integrated EU energy market is for ensuring affordable energy and security of supply, as well as the clean energy transition. While we have made remarkable progress in the last decade with making our market better connected, more can and should be done. I want to particularly highlight the EuroAsia interconnector, which will bring an end to the energy isolation of Cyprus and link it to the rest of Europe,” said Kadri Simson, Commissioner for Energy.
Well-integrated energy infrastructure networks are necessary for the energy transition, as they facilitate the integration of renewable energy, enhance security of supply and help keep energy prices in check. The allocation of CEF funds therefore supports the implementation of the European Green Deal.
The five projects are:
EuroAsia interconnector – $732 M (€657 M)
This electricity project interconnects the transmission networks of Cyprus and Greece, allowing the transmission of electricity in both directions and ending the energy isolation of Cyprus.
Baltic Synchronisation Project Phase II – $189 M (€170 M)
The second phase of the Baltic project includes funding for grid reinforcement in Poland and upgrading the transmission infrastructure in Lithuania, Latvia and Estonia – thus supporting the integration of the Baltic States’ electricity system with other European networks.
Aurora line – $142 M (€127 M)
CEF funding will support the development of a third transmission line between Sweden and Finland in order to increase electricity transmission capacity between the two countries and support the integration of onshore and offshore renewable electricity.
Chiren expansion – $87 M (€78 M)
This project covers the capacity increase of a gas storage facility in Bulgaria, which is necessary for regional security of supply in Southeast Europe, as well as reducing gas supply costs. It also supports the phase-out of coal in the region, facilitating the clean energy transition.
Northern Lights Phase II – $4.5 M (€4 M)
This study looks into the expansion of the CO2 transport and temporary storage capacity in Norway, open to industrial clusters from across the EU, with the aim to accommodate additional demand.
Source: European Commission