EU to invest €1 billion in energy projects

2020-10-9 European Commission

EU Member States have agreed on a Commission proposal to invest €998 million in key European energy infrastructure projects under the Connecting Europe Facility (CEF).

Financial aid will be provided for works and studies on ten projects, in line with the objectives of the European Green Deal; 84% of the funding goes to electricity or smart grid projects.

The largest amount goes to the Baltic Synchronisation Project (€720 million), to better integrate the electricity markets of Estonia, Latvia, Lithuania and Poland.

“Today is a very important day for Europe. It is a landmark moment in ending the isolation of the Baltic energy market. This project is good for connecting Europe, good for our energy security, and it is good for the European Green Deal.” said EU President Ursula von der Leyen

Commissioner for Energy, Kadri Simson 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. Yesterday’s 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.”

Among the ten projects, there are two for electricity transmission, one for smart electricity grids, six for CO2 transport, and one for gas.