EU grants worth nearly €1 B
EU Member States agreed on a Commission proposal to invest $1.17 B in key European energy infrastructure projects under the Connecting Europe Facility (CEF).
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EU: EU Member States agreed on a Commission proposal to invest $1.17 B (€998 M) in key European energy infrastructure projects under the Connecting Europe Facility (CEF). Yesterday’s positive vote provides financial aid for works and studies for ten projects.
The largest amount of funding goes to the Baltic Synchronisation Project $850 M (€720 M), to better integrate the electricity markets of Estonia, Latvia, Lithuania and Poland. Other projects include a smart electricity grid linking Hungary and Slovakia $120 M (€102 million), and the first-ever CEF grant for works on a CO2 transport project for Belgian and Dutch ports.
Kadri Simson, Commissioner for Energy, said, “These ten projects will contribute to a more modern, secure and smart energy infrastructure system, which is crucial for delivering the European Green Deal and meeting our ambitious 2030 climate targets. The decision marks a decisive step in the Baltic Synchronisation process in particular, a project of European strategic interest. These investments will help sustain the EU’s economic recovery and create jobs.”
The allocation of funds is in line with the objectives of the European Green Deal, with 84 % of funds going to electricity or smart grid projects. Financial aid is granted for ten projects: two for electricity transmission, one for smart electricity grids, six for CO2 transport (including five studies), and one for gas.
The projects include: Baltic Synchronisation Project, Phase II, Danube Ingrid, The Porthos CO2 transport network project, The Bulgaria – Serbia Interconnector, and North Sea Wind Power Hub.
For Europe to transition to a clean and modern economy, it is necessary to adapt European infrastructure to the future needs of the energy system. Interconnections form the backbone of an integrated EU energy market, which will improve Europe’s security of supply, reduce the dependence on single suppliers, and give consumers more choice. It is also essential for renewable energy sources to thrive and for the EU to deliver on its Paris Agreement commitments and its ambition to become climate neutral by mid-century.
Source: EC Europa