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The European Commission plans to expand investment in Europe’s power grids, with a draft showing it would designate dozens of priority projects to receive licenses and EU funding. To upgrade the European power grid, the EU estimates that it will need to invest 584 billion euros over ten years.
The plan will grant “projects of common interest” status to 68 power projects, accelerating access to licenses and EU funds, including several projects for energy storage. The European Commission emphasizes the need for the grid to adapt to a decentralized, digital and flexible power system to meet clean energy needs.
The European power industry warns that the slow pace of power grid upgrades has become a bottleneck for clean energy. The plan will work with investors, regulators, and credit institutions to explore new financing tools, while providing advice and guidance to promote the maintenance of the European power grid.
(Source: Reuters Image source: freepik)
