EU Pledges €1bn for Energy Infrastructure
EU member states have agreed on the European Commission (EC)'s proposal to invest €998mn ($1.2bn) in energy infrastructure projects, the EC said on October 2.
The infrastructure schemes, all listed as EU projects of common interest, comprise two for electricity transmission, one for smart electricity grids, six for CO2 transport and only one for natural gas. Some 84% of the funds will be allocated to the electricity and smart grid projects.
The lion's share – €720mn – will finance the construction of a subsea electricity cable between Poland and Lithuania, as part of a project to synchronise the Baltic energy grids with those of the rest of continental Europe. Another €102mn will be spent on the Danube Ingrid smart electricity grid project in Hungary and Slovakia, and an equal amount on the Porthos CO2 transport network project in the Netherlands and Belgium.
Only a €28mn grant will go towards the construction of the Bulgarian section of the Bulgaria-Serbia gas pipeline, expected on stream in 2022. A further €14mn will fund a study on the development of wind farms in the North Sea.