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

Developing nations in dire need

The financial crisis is having a serious impact on low-income countries. more »

EU drives G20 crisis action

The agreement was welcomed by the EU, which has led efforts to crack down on loose banking practices that caused the financial crisis. more »

AB Bank SNORAS group will acquire AB bankas “Finasta” and other companies of AB “Invalda” financial sector

On 31 March this year, the boards of AB Bank SNORAS and AB “Invalda” approved of the purchase and sales transaction of AB “Invalda” financial group's companies. more »

MEPs to vote to step up eco-labelling

MEPs will vote on Thursday 2 April on a first reading agreement on the voluntary EU Ecolabel (“EU flower”) system for environment-friendly products to become less costly and bureaucratic to use. more »

Credit rating firm says U.S. banking industry won't recover until 2010

The fourth quarter of 2008 was not so good for the banking industry, and the financial conditions of commercial banks and savings and loans is expected to further deteriorate for the rest of 2009 and the first part of 2010, according to LACE Financial Corp. more »

Europe's trade with developing countries: Who really benefits?

MEPs recently gave the green light to a new trade deal between Europe and Caribbean countries. more »

Verizon Business Deepens IP Capabilities That Enable Telework

New VoIP Features Boost Flexibility, Mobility, Cost Savings for Organizations Seeking to Untether Workers. more »

Revised GDP

According to the revised data, in IV quarter 2008, GDP at current prices made LTL 28578.8 million and against IV quarter 2007 decreased by 2.2 per cent. more »

Fisheries control: committee rewrites rules on recreational fishing

The EP Fisheries Committee rewrote the rules on recreational fishing in its consultative report, adopted Tuesday, on a proposed “control regulation” to ensure compliance with common fisheries policy (CFP) rules. more »

Trademark fees slashed

In a measure of the Union’s strong growth prior to the financial crisis, the demand for EU trademark rights has shot up in recent years, creating an unexpected budget surplus. more »