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EU invests over €1 billion in energy infrastructure in support of the Green Deal

The largest amount of funding will go to the EuroAsia interconnector project (€ 657 million) to support the 1st electricity interconnection between Cyprus and the European grid.

EU invests over €1 billion in energy infrastructure in support of the Green Deal

Brussels, January 27 - Neftegaz.RU. EU countries have agreed on a Commission proposal to invest € 1.037 billion in 5 cross-border infrastructure projects under the Connecting Europe Facility (CEF) for trans-European energy networks.

Kadri Simson, Commissioner for Energy, said:
  • Recent months have reminded us again how crucial a well-integrated EU energy market is for ensuring affordable energy and security of supply, as well as the clean energy transition
  • While we have made remarkable progress in the last decade with making our market better connected, more can and should be done
  • I want to particularly highlight the EuroAsia interconnector, that will bring an end to the energy isolation of Cyprus and link it to the rest of Europe
Well-integrated energy infrastructure networks are necessary for the energy transition, as they facilitate the integration of renewable energy, enhance security of supply and help keep energy prices in check.

Today’s agreement grants financial aid for the construction of 3 projects for electricity transmission and 1 for gas storage, as well as supporting a study on CO2 transport:

EuroAsia interconnector (€657 million)
This electricity project interconnects the transmission networks of Cyprus and Greece, allowing the transmission of electricity in both directions and ending the energy isolation of Cyprus.
The 898 km of undersea cables and maximum sea depth of 3000 m will set new world records for a project of this kind.

Baltic Synchronisation Project Phase II (€170 million)
The 2nd phase of the Baltic project includes funding for grid reinforcement in Poland and upgrading the transmission infrastructure in Lithuania, Latvia and Estonia - thus supporting the integration of the Baltic States’ electricity system with other European networks.

Aurora line (€127 million)
CEF funding will support the development of a 3rd transmission line between Sweden and Finland in order to increase electricity transmission capacity between the 2 countries and support the integration of onshore and offshore renewable electricity.

Chiren expansion (€78 million)
This project covers the capacity increase of a gas storage facility in Bulgaria, which is necessary for regional security of supply in South-East Europe, as well as reducing gas supply costs.
It also supports the phase-out of coal in the region, facilitating the clean energy transition.

Northern Lights Phase II (€4 million)
This study looks into the expansion of the CO2 transport and temporary storage capacity in Norway, open to industrial clusters from across the EU, with the aim to accommodate additional demand.

In the period 2014-2020, CEF Energy allocated €4.7 billion to studies and works supporting the implementation of 107 Projects of Common Interest (PCIs).

In the period 2021-27 €5.35 billion is available for CEF Energy including a new window for cross-border renewable projects in the field of renewable energy, with an allocation of up to 15% of the CEF budget subject to market uptake.

Source : Neftegaz.RU


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