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

Spanish car workers to get help from EU Globalisation Fund

The European Commission has approved an application from Spain for assistance under the European Globalisation adjustment Fund (EGF). more »

MEPs discuss green levies on lorries

Green issues continue to dominate the headlines, as MEPs from the Transport Committee vote Wednesday on possible new charges for lorries, based not only on CO2 emissions but other factors such as noise and air pollution and congestion. more »

Europe's universities and businesses get together

High level representatives from business, higher education and politics are meeting in Brussels on 5-6 February for the 2009 European University-Business Forum. more »

Bailout bucks draw needy New Yorkers

Bailoutbooth.com is doling out $50 and $100 bills to anyone over 18 who can explain why they need it. more »

Chinese airlines face bumpy 09 ride

China's big three airlines are predicting a bumpy ride for 2009. With the global economic slowdown, failing passenger demand and cost pressures, all three carriers are feeling the credit crunch's bite. more »

Czech Presidency calls for coordinated support of EU car industry

The Czech EU Presidency aims to give a new impetus to European car industry, a key sector that has been seriously hit by the global economic crisis. more »

Energy for the future

Opening a new front in the fight against climate change, cities across Europe vow deeper emission cuts. more »

DnB NORD Bankas revises deposit rates

Taking into account changes on international and domestic money markets AB DnB NORD Bankas, a member of international financial group, has changed individual and corporate customers time deposit rates. more »

High quality industrial relations can help EU face crisis

A European Commission report shows that structured dialogue between workers' and employers' representatives can help the EU face the economic crisis. more »

СEOs feel “entitled”

Dennis Kozlowski, the ex-Tyco CEO who spent 6 thousand dollars in company money on a shower curtain, has plenty of company today in the corporate shame game. more »