EU to invest nearly €1bn in new energy infrastructure projects

Grants will be provided for 10 projects – two for electricity transmission, one for smart electricity grids, six for transport of CO2 and one for gas

Member states in the EU have agreed on the Commission’s proposal to invest €998 million (£905m) in key energy infrastructure projects across the region.

Financial aid will be provided for 10 projects in total – two for electricity transmission, one for smart electricity grids, six for transport of CO2 – including five research projects – and one for gas.

The largest amount of funding – €720 million (£653m) – will go towards the Baltic Synchronisation Project to better integrate the electricity markets of Estonia, Latvia, Lithuania and Poland.

Other projects include a smart electricity grid linking Hungary and Slovakia, receiving €102 million (£92m) in funding and the first-ever Connecting Europe Facility (CEF) grant to support a CO2 transport project for Belgian and Dutch ports.

In addition, the North Sea Wind Power Hub, a study to support the development of an important project for the rollout of offshore wind in the North Sea, will receive €14 million (£12.7m).

The allocation of funds is in line with the objectives of the European Green Deal, with 84% of the funding going to electricity or smart grid projects.

Kadri Simson, Commissioner for Energy said: “These 10 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.”

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