European Commission to invest €9.1bn in energy infrastructure

The European Commission has unveiled a strategy to spend €9.1bn on trans-European energy infrastructure in the years leading up to 2020.

The aim will be to improve interconnections between countries leading to security of supply and the possibility to transport renewable energy in a cost-effective manner across the EU. Consumer choice could improve as energy suppliers gain access to wider markets and network bottlenecks should also be reduced.

The fund is part of a €50bn package called the Connecting Europe Facility, which aims also at improving energy, transport and information technology infrastructure throughout the EU. It will be able to combine various forms of support for new innovations including equity investments, loans and guarantees.

Suggested cleantech projects include a grid in the North Sea to transport electricity generated by offshore wind farms to large population centres in urban areas and energy storage solutions to mitigate the impact of integrating renewable sources reliant on particular weather conditions.

Source: newenergyworldnetwork.com

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