EU's key energy projects to receive €3.5bn in funding

28 January 2009 13:03  [Source: ICIS news]

PARIS (ICIS news)--EU energy projects will receive €3.5bn ($4.6bn) under plans put forward by the European Commission on Wednesday.

The Commission proposed spending the majority of the €5bn of remaining money from last year’s EU budget on “key energy infrastructure projects” that would “deliver a much needed stimulus to the EU economy in the short term…[and] target strategic goals such as energy security”.

Commission president Jose Manuel Barroso said: “We need to learn the lessons of the recent gas crisis and invest heavily in energy.”

The plans suggested spending €1.75bn on gas and electricity interconnection projects, €1.25bn on carbon capture and storage (CCS) technology and €0.5bn on offshore wind projects.

Barroso had originally made similar proposals during the EU summit in December, but a blocking majority of EU diplomats had opposed the move for a variety of political and budgetary reasons.

The Commission said it hoped the proposals would be agreed by EU ministers and the European Parliament by the EU spring summit in March.

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By: Philippa Jones
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