€550m to strength European energy networks

Posted at July 2, 2015 » By : » Categories : News » Comments Off on €550m to strength European energy networks

€550m to strength European energy networks

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The European Commission is investing up to €550 million (£385m) to strengthen Europe’s energy networks.

The cash will finance projects which aims to end energy isolation and eliminate bottlenecks that prevent the completion of the internal energy market, the EU stated.

Projects applying for the grant must ensure “significant benefits” for at least two participating Members States.

They must also enhance security of supply, contribute to market integration and increase competition as well as sustainability.

Miguel Arias Cañete, EU Commissioner for Climate Action and Energy said: “Well-connected and reliable energy networks are crucial to build a resilient the Energy Union. This will help ensure secure affordable and sustainable energy for all Europeans and businesses.”

The deadline to submit applications is 30th September and the winning projects will be announced by the end of the year.

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