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

SNORAS Group company will become the largest shareholder of UAB “Lietuvos rytas”

On 22 of June this year, the board of the newly established company of AB Bank SNORAS - UAB “SNORO Media Investicijos” - made a decision to invest in the shares of UAB “Lietuvos rytas” and to acquire 34 per cent of the authorised capital of the company. more »

ATMs service in Russia, Eastern Europe is focus of Intergam, The Bankers Exchange partnership

The Banker's Exchange is joining forces with Chicago-based Intergam Logistics as part of a global expansion initiative into the ATM support market. more »

Back to the ballot box

Lisbon treaty and financial supervision dominate debate at EU summit. more »

Obama unveils bank reform plans

In the most sweeping financial reform proposal since the Great Depression, President Barack Obama unveiled plans to overhaul the U.S. financial regulatory system, saying the events that led to the U.S. financial crisis make the proposed changes necessary. more »

Gas Coordination Group, in the light of explanations given by Gazprom and Naftogaz, studies the measures possibly needed to secure next winter season's supplies

Due to the rising concerns on a possible disruption of Russian gas supplies to Europe coming through Ukraine, the Commission has chaired a meeting of the Gas Coordination Group to assure a stronger EU coordination and to secure energy supplies to European citizens. more »

Google to help reboot Mexico tourism

Mexico signs an agreement with Google to help revive tourism at its historical sites, after the swine flu epidemic. more »

Equality in a time of crisis

The recession could hit working women harder than men, an EU study warns, underscoring persistent disparities between the sexes in the European labour market. more »

US gun sales up

The first 4 months of 2009 saw 25 percent more FBI background checks on prospective firearm buyers compared to the same period last year in US. more »

Three years in a row does AS “Latvijas Krājbanka” receive the Deutsche Bank AG award for the outstanding quality of the outgoing payments

AS “Latvijas Krājbanka”, managed by AB Bank SNORAS, was presented with the annual prize of Deutsche Bank AG, one of the largest European banks, for the excellent quality of the outgoing payments. more »

Danske Bankas increases interest rate for fixed-term deposits in litas

Danske Bankas has made another increase in the interest rate for fixed-term deposits in litas for both private and corporate clients. more »