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

Emerging Market Countries Partner with World Bank to Achieve Risk Management Objectives

The World Bank is seeing a surge in demand from borrowers seeking the Bank’s expertise to mitigate currency and interest rate risk. more »

State aid: Commission authorises support package for Lithuanian financial institutions

The European Commission has approved under EU state aid rules a Lithuanian package intended to stabilise the markets as a response to the global financial crisis. more »

European Commission forecasts average crop production for 2010 in the EU despite extreme weather

Total cereal production in 2010 should be close to the average from the last five years. While the yield per hectare will be 5% above average, overall cultivated areas have decreased. more »

In the first half of this year AB Bank SNORAS and its financial group worked profitably

According to the unaudited data, AB Bank SNORAS profit prior to provisions and tax exemption within the first half of this year comprised LTL 51 million, the bank formed almost LTL 48 million provisions. more »

Denmark: EU €10m to help 1,149 former Linak A/S and Danfoss Group workers find new jobs

The European Commission today approved two applications from Denmark for assistance from the EU Globalisation Adjustment Fund (EGF). more »

EIB provides EUR 150 million innovative recovery support loan to SMEs in Turkey

The European Investment Bank today signed two loans for a total amount of EUR 150 million in support of small and medium-sized enterprises (SMEs) in Turkey. more »

AB Bank SNORAS will increase the authorized capital by LTL 82.3 million up to LTL 494.2 million

On 23 July 2010 the Board of the Bank of Lithuania permitted Bank SNORAS to register a change to the articles of association related to the increase of the authorized capital of the bank by LTL 82.3 million up to LTL 494,217,107. more »

Heads of State, WB President Zoellick Agree on Action Plan to Boost Integration and Development

Heads of State and top officials from the Central American Integration System and World Bank Group President, Robert B. Zoellick, agreed to join efforts towards regional cooperation and integration and adopted a comprehensive agenda that includes an action plan with more than 20 specific measures. more »

IMF Executive Board Cancels Haiti’s Debt and Approves New Three-Year Program to Support Reconstruction and Economic Growth

The Executive Board of the International Monetary Fund (IMF) today approved the full cancellation of Haiti’s outstanding liabilities to the Fund, of about SDR 178 million (equivalent to US$268 million). more »

IMF Completes Third Review Under Stand-By Arrangement with Latvia and Approves €105.8 Million Disbursement

The Executive Board of the International Monetary Fund (IMF) today completed the third review of Latvia's performance under an economic program supported by a Stand-By Arrangement (SBA). more »