EU to invest €1 billion in energy projects

EU Member States have agreed on a proposal to invest €998 million in key European energy infrastructure projects under the CEF.

Provide financial assistance for work on ten projects in line with the objectives of the European Green Deal; 84% of the financing is allocated to electricity or smart grid projects. To better integrate the electricity markets of Estonia, Latvia, Lithuania and Poland, the largest amount is allocated to the Baltic Synchronization Project (€720 million).

EU President Ursula von der Leyen: "This is a very important day for Europe.A landmark moment in ending the isolation of the Baltic energy market.This project will be good for connecting Europe, for our energy security and for the European Green Deal. " he said.

Energy Commissioner Kadri Simson said: "These ten projects will contribute to a more modern, secure and intelligent energy infrastructure system, which is crucial to the realisation of the European Green Deal and the meeting of our ambitious 2030 climate targets.This decision marks a decisive step in the Baltic Synchronisation process, a project specifically aimed at the strategic interest of Europe.These investments will help sustain the EU's economic recovery and ensure jobs. "

Of the ten projects, two will be related to power lines, one for smart power grids, six for CO2 transport and one for gas.