Economic Recovery: Second batch of 4-billion-euro package goes to 43 pipeline and electricity projects

29 2010

Economic Recovery: Second batch of 4-billion-euro package goes to 43 pipeline and electricity projects

The European Commission selected today 43 major energy projects, which will significantly contribute to the economic recovery in the EU, while increasing our security of energy supply by creating cross-border infrastructure. With today’s decision, the Commission grants € 2.3 billion to 31 gas and 12 electricity projects. This is the second financial decision under the Economic Recovery Package which amounts to almost 4 billion Euros. It is the largest amount the EU has ever spent on energy infrastructure.

View 335.1K

word 526 read time 2 minutes, 37 Seconds

José Manuel Barroso, President of the European Commission, said: “Under the EU’s Recovery Plan we finance ’smart investment’ – a short-term stimulus targeted on long-term goals. Investing in key infrastructure will not only give a push to the economy and employment, but it will also help ensuring that citizens homes will have heating and electricity, even in the event of supply disruptions. We have learnt the lessons of the recent gas crisis which is one of the reasons why we decided to allocate major financial assistance to new energy infrastructure projects“.

Günther Oettinger, European Commissioner responsible for Energy said: “Never before has the Commission agreed such an important amount for energy projects. We have selected key projects which will help creating a more integrated energy network in Europe ensuring flexible energy flows across Member States’ borders. 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 to be delayed. This is a moment where Europe can play an important role in keeping these projects on track“.

Today’s Commission decision grants € 910 million for 12 electricity interconnection projects and € 1,390 million for 31 gas pipeline projects. The projects selected today will help to deliver major investment projects which were at risk of major delay because of the economic slowdown. By co-financing parts of these projects up to 50% the EU contribution will help to lever up to 22 billion euros of private sector investment. The 2,3 billion Euro will be granted to project developers over the next 18 months.

The electricity and gas infrastructure projects selected reflect the energy priorities of the EU. These include the need to better interconnect all EU Member States and to reduce the isolation of remoter parts, such as the three Baltic States, Ireland and Malta. They also confirm the need for greater security of gas supplies by supporting projects for reverse flow in 9 Member States and the Nabucco and Galsi projects to diversify gas imports.

These investments will help stimulate employment and ensure the survival of many small businesses in the construction and services industries. They will make energy supplies more reliable for millions of people especially in the event of a supply crisis.


In March 2009 the EU set aside €3.98 billion to assist European economic recovery.

With the Carbon Capture and Offshore Wind Projects which the Commission agreed to support on 9 December 2009, the budget for energy projects in the European energy Recovery Programme is 97 % committed.

The Commission will report to the European Council in March 2010.

The complete list of projects is annexed to this press release.

Source by Europe_(EU)

LSNN is an independent publisher that relies on reader support. We disclose the reality of the facts, after careful observations of the contents rigorously taken from direct sources. LSNN is the longest-lived portal in the world, thanks to the commitment we dedicate to the promotion of authors and the value given to important topics such as ideas, human rights, art, creativity, the environment, entertainment, Welfare, Minori, on the side of freedom of expression in the world «make us a team» and we want you to know that you are precious!

Dissemination* is the key to our success, and we've been doing it well since 1999. Transparent communication and targeted action have been the pillars of our success. Effective communication, action aimed at exclusive promotion, has made artists, ideas and important projects take off. Our commitment to maintain LSNN is enormous and your contribution is crucial, to continue growing together as a true team. Exclusive and valuable contents are our daily bread. Let us know you are with us! This is the wallet to contribute.

*Dissemination is the process of making scientific and technical information accessible to a non-specialist public. This can come through various forms, such as books, articles, lectures, television programs and science shows.

Similar Articles / Economic... projects
01 gen 1970
from: ladysilvia