It is inviting companies to bid for a share of the cash to “end energy isolation, eliminate energy bottlenecks and complete the European energy market”.

In order to apply for a grant, the proposals have to be on the list of “projects of common interest”, which was initially adopted in October 2013. It consist of 248 key gas and electricity infrastructure projects and is expected to be updated at the end of this year.

EU Commissioner for Climate Action and Energy Miguel Arias Cañete said: “Reliable and well-connected energy networks are vital for achieving a resilient European Energy Union. We need major investments to make our energy grid fit for the future.

“This funding is an investment opportunity to build a competitive, sustainable and secure energy market and ultimately bring the benefits into our homes and businesses.”

The deadline for applications is 29th April 2015.

Last year, funding totalling €647 million (£511m) was awarded for infrastructure projects that boost energy flow across member states.

 Quang Minh