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

“Business Ambassador 2008” nomination established this year was awarded to V. Ušackas

AB Bank SNORAS, being the patron of the “Partnership Leader” nomination of the International trading palace ICC Lietuva (hereinafter - ICC Lietuva), this year initiated a special prize - “Business Ambassador”. more »

New report says ATM consolidation will continue, ATM transaction volumes will rise

Tremont Capital Group, an ATM-industry consultancy that works closely with the ATM Industry Association, has released its 2009 ATM Industry Fact Sheet, which summarizes the history and current state of the ATM industry. more »

UniCredit is “Best Trade Finance Provider 2009” in CEE, Austria and Poland and “Best Bank for Payments & Collections in CEE 2009”

The renowned magazine “Global Finance” has named the UniCredit Group as the “Best Trade Finance Provider 2009” in CEE, Austria and Poland as well as “Best Bank for Payments & Collections in CEE 2009”. more »

During last year AB Bank SNORAS group earned LTL 41.7 million profit

AB Bank SNORAS group, which comprises AB Bank SNORAS, AB “Latvijas Krājbanka” operating in Latvia and 19 other companies, during last year, according to unaudited data, earned LTL 41.7 million profit. more »

Parex banka to expand relationship with American Express

At a meeting this week, Nils Melngailis, the Chairman of Parex banka, and Alex M Furber, American Express Vice President in Central and Eastern Europe, agreed to explore further options for co-operation. more »

DnB NORD Bankas’ strategic initiative - to become financial guide to its customers

The country’s residents wish to have a clear understanding of financial services they use and are ready to make their final decision only when the advantages or disadvantages of each option is evident to them. more »

Thales selects degaussing specialists for Lithuanian minehunter contrac

Thales UK`s naval business recently announced the signature of an important sub-contract with Swedish company Polyamp AB for the supply of mine warfare degaussing systems for its new Lithuanian warship reactivation programme. more »

Stanford clients swarm banks

Hundreds of anxious depositors are rushing to pull out their money from banks affiliated with the Texas billionaire Allen Stanford accused of fraud. more »

MEPs set to back VAT cut for everyday items

VAT cuts for things like household repairs, care services, audio books and beauty treatments are likely to be backed by MEPs on Thursday. more »

MEPs set to back international whaling ban

MEPs are calling for tough new measures to be taken against whaling. more »