EU's biggest-ever energy package

Published: 5 March 2010 y., Friday

Elektros lemputės
43 gas and electricity projects to split €2.3bn, the most the EU has ever spent on energy infrastructure in a single package.

Gas pipelines account for 31 of the projects and include the Nabucco project running from the Caspian Sea region to Austria via Turkey and the Galsi project from Algeria to Italy via Sardinia. Twelve other projects involve upgrading connections between power grids to link fringe countries like Ireland, Malta, Lithuania, Latvia and Estonia to the wider EU energy network.

The package uses up the last of the €3.98bn the EU set aside during the recession to give the economy a boost. The projects are expected to create jobs and help small businesses survive tough times, especially those in construction and services. In providing an initial outlay, the EU contribution could lever up to €22bn in private investment.

Moreover, they will diversify gas imports and improve the flow of energy across European borders, says Günther Oettinger, the new energy commissioner.

“Never before has the commission agreed such an important amount for energy projects,” he said, adding that the funding will help keep energy investments on track during tough times.

“Europe's energy and climate objectives require large and risky infrastructure investments with long pay-back times. The problem is that, in today's economic climate, such projects risk being delayed.”

The first batch of grants was announced in December. Worth €1.5bn, it went to 9 offshore wind parks and 6 projects for burying climate-changing carbon.

More than 50% of the EU\'s energy comes from countries outside the bloc. Much of that originates in Russia, whose disputes with the Ukraine and other transit countries have disrupted gas supplies in recent years.

 

Šaltinis: ec.europa.eu
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.

Facebook Comments

New comment


Captcha

Associated articles

The most popular articles

Equal pay for women - not yet

Women in the EU earn on average 18% less than men - a gap that has scarcely narrowed over the last 15 years and in some countries has even grown. more »

EU's biggest-ever energy package

43 gas and electricity projects to split €2.3bn, the most the EU has ever spent on energy infrastructure in a single package. more »

Georgia to gradually integrate into the European common aviation market

Georgia and the European Union have initialled a comprehensive air services agreement at a meeting in Tbilisi, Georgia, today which will open up and integrate the respective markets, strengthen cooperation and offer new opportunities for consumers and operators. more »

Mobility Programme for Business and Industry calls for applications

In order to vitalize and strengthen cooperation of business stakeholders in the region, the Nordic and Baltic countries continue running joint mobility programme. more »

EBRD and Société Générale support economies in Serbia

The EBRD is boosting the availability of financing to the real economy sector in Serbia, with a €20 million credit line to Société Générale Serbia for on-lending to small and medium enterprises. more »

Armenia’s Ameriabank receives EBRD financing

The EBRD is supporting the development of the private sector in Armenia and increases further the availability of financing in the real economy sector with a $10 million loan to Ameriabank for on lending to local companies under its Medium Sized Co-financing Facility (MCFF). more »

EBRD funds modernisation of roads in Albania

The EBRD is supporting the modernisation and improvement of transport infrastructure in Albania with a €50 million sovereign loan to finance the rehabilitation of regional and local roads in the country. more »

Latvia: Social Investment Fund III Project Second Additional Financing

Given the deep impact Latvia has suffered in the wake of the global crisis, and due to the emergency nature of this program, the first operation will focus mainly on the first and second objectives. more »

IMF Managing Director Dominique Strauss-Kahn to Visit Africa to Deepen Dialogue on the Continent’s Economic Challenges

Mr. Dominique Strauss-Kahn, Managing Director of the International Monetary Fund (IMF), will visit Africa March 7-11, to discuss opportunities and challenges facing African economies in the wake of the global crisis. more »

2011 budget: focus on youth and economic recovery

Without enough money, the EU 2020 strategy risks turning into "another vague scoreboard for the Member States", the EP Budgets Committee warned on Thursday when adopting its priorities for the 2011 budget. more »